Company A announced that its current dividend is $4 per share (D₀=$4). The dividend is

expected to grow at a constant rate of 5 percent a year for the next 2 years and it will be 2

percent thereafter. Required rate of return is equal to 10%. What is the expected price of the

stock at the end of the first year? (Answer is rounded)

Yantnz:
	41
	33
	25
	55
	44