Jack Hammer invests in a stock that will pay dividends of $2.00 at the end of the first year; $2.20 at the end of the second year; and $2.40 at the end of the third year. Also, he believes that at the end of the third year he will be able to sell the stock for $33.

What is the present value of all future benefits if a discount rate of 11 percent is applied? Use Appendix Bfor an approximate answer, but calculate your final answer using the formula and financial calculator methods. (Do not round intermediate calculations. Round your final answers to 2 decimal places.)

Dividend	Present Value
$ 2.00	$
2.20
2.40
33.00
Total	$