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Jack Hammer invests in a stock that will pay dividends of $3.11 at the end of the first year; $3.52 at the end of

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Jack Hammer invests in a stock that will pay dividends of $3.11 at the end of the first year; $3.52 at the end of the second year; and $3.93 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 $61. What is the present value of all future benefits if a discount rate of 11 percent is applied? Use Appendix B for 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 $ 3.11 $ 2.80 3.52 3.93 61.00 Total $ 2.80

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