Mack Industries just paid a dividend of $3 per share (D0 = $3). Analysts expect the

companys dividend to grow 7 percent this year (D1 = $3.21) and 6 percent next year.

After two years the dividend is expected to grow at a constant rate of 6 percent. The

required rate of return on the companys stock is 11 percent. What should be the

companys current stock price?

$64.20

$62.20

$60.20

$66.20

$68.20