Early in 2020, Kyle is analyzing shares of Chalk Corp. He expects the following dividends per share (end of year).

2020 $1.00

2021 $1.25

2022 $1.50

He expects earnings per share to be $3.50 and the companys P/E ratio to be 20 at the end of 2022. His required rate of return for this stock is 10%. He should pay no more than

		$55.66 per share.
		$38.55 per share.
		$68.18 per share.
		$48.83 per share.