Constant Dividend Growth Valuation

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Nonconstant Dividend Growth Valuation return$)?$ Do not round intermediate calculations. Round your answer to the nearest cent.

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$0=$ Icon Keykware's common stock is expected to pay a dividend of $$2\mathrm{.}25$ a share at the end of this year $(D_1=$$$2\mathrm{.}25)$; its beta is $0\mathrm{.}9.$ The risk$-$free rate is $5\mathrm{.}8\%$ and the market risk premium is

$4\%.$ The dividend is expected to grow at some constant rate, $gL,$ and the stock currently sells for $$40$ a share. Assuming the market is in equilibrium, what does the market believe will be the

stock's price at the end of $3$ years $($i$.$e$.,$ what is widehat$(P{)}_3)?$ Do not round intermediate calculations. Round your answer to the nearest cent.

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