Manchester plc is expected to pay annual dividends of 1.50, E1.75 and 2.00 per share at the end of each of the next three years tie, from t=1 to t-3). After year 3. annual dividends are expected to grow at a rate of 2% forever. Assuming that shareholders of Manchester pic.require a rate of return equal to 5% per year, what is the fair value for the share of Manchester plc.? 64.70 95.52 48.37 63.48