Jack Hammer invests in a stock that will pay dividends of $3.01 at the end of the first year; $3.32 at the end of the second year; and $3.63 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 $51.

What is the present value of all future benefits if a discount rate of 8 percent is applied?

Dividend	Present Value
$3.01
3.32
3.63
51.00
Total	$0.00