Company BW will pay dividends of $1.05, $1.18, and $1.56 over next three years (dividend will be paid atthe end of each year). Youare expecting the stock price to be $57.57 right afterthe company pays the 3rd dividend. In the followingthree years, the annualexpectedreturn on the market is 6.88%, annual T-bill rate is 0.58%.

Data suggest that company BWs beta is 1.78 and you are expecting the beta to remain the samein the following three years. What is the maximum price you are willing to pay for this stock today?