Company Y's common stock recently paid a dividend of $ 3.They have traditionally grown their dividend at 4%. However, after a year of great performance, they have decided to begin growing their dividend at 5%. The price of the common stock is $62.40. If the required return on the common stock is 9%, what will the new stock price be after the change in the dividend growth rate?

Question- The new stock price after the change in the dividend growth rate will be