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Constant Dividend Growth Valuation Crisp Cookware's common stock is expected to pay a dividend of $ 2 . 2 5 a share at the end

Constant Dividend Growth Valuation
Crisp Cookware's common stock is expected to pay a dividend of $2.25 a share at the end of this year )=($2.25; its beta is 0.9. The risk-free rate is 3% 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 widehat(P)3)? Do not round intermediate calculations. Round your answer to the nearest cent.
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