Constant Dividend Growth Valuation

Crisp Cookware's common stock is expected to pay a dividend of $$3$ a share at the end of this year $($D$1=$ $$3\mathrm{.}00)$; its beta is $0\mathrm{.}9.$ The risk$-$free rate is $5\mathrm{.}4\%$ and the market risk premium is $6\%.$ 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 $)?$ Do not round intermediate calculations. Round your answer to the nearest cent.

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