Gandha's Pharmaceutical Corporation's beta is $1\mathrm{.}5.$ The current risk$-$free rate is $5\mathrm{.}5$ percent and the market risk premium is $7$ percent. Gandha currently $($time $0)$ pays a dividend of $$2$ per share. This dividend is expected to grow at a rate of $20$ percent for the next $3$ years. The current stock price is $$30,$ and the consensus of security analysts is that this price will increase by $30$ percent by the end of year $2.$ Under these circumstances, would you purchase this stock?What do you believe is a fair market price for the stock? Use Table II to answer the question. Round your answer to the nearest cent.Fair Market Price: $The stock should bea bought. TABLE IIPresent Value Interest Factor $($PVIF$)($Si at $/\%$ per period for n periods$)$;PVIF $-(1+$ jj$.$: PVo $=$ FV$.($PVIFi$,$ a$)$Period$,$ n$234591011121314151617181920242530405060$Period. n$0235$va