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 (D₁ = $3.00); its beta is 0.7. The risk-free rate is 5.1% and the market risk premium is 6%. The dividend is expected to grow at some constant rate, g_L, and the stock currently sells for $50 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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