Handwritten solution with explicit formulas is preferred. Answer should be: 110.81

Problem 48.10 On January 1 of each year Company ABC declares a dividend to be paid quarterly on its common shares. Currently, 2 per share is paid at the end of each calendar quarter. Future dividends are expected to increase at the rate of 5% per year. On January 1 of this year, an investor purchased some shares at X per share, to yield 12% convertible quarterly. Calculate X. Problem 48.10 On January 1 of each year Company ABC declares a dividend to be paid quarterly on its common shares. Currently, 2 per share is paid at the end of each calendar quarter. Future dividends are expected to increase at the rate of 5% per year. On January 1 of this year, an investor purchased some shares at X per share, to yield 12% convertible quarterly. Calculate X