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

companys dividend to grow 8 percent this year (D1 = $3.24) and 9 percent next year.

After two years the dividend is expected to grow at a constant rate of 4 percent. The

required rate of return on the companys stock is 13 percent. What should be the

companys current stock price?

Group of answer choices

$37.59

$35.59

$39.59

$41.59

$43.59