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Mr . Smith, who is the financial manager of the Azusa Capital, Inc., expects dividends of $ 2 . 2 0 , $ 2 .

Mr. Smith, who is the financial manager of the Azusa Capital, Inc., expects dividends of $2.20, $2.50, $3.10, $3.90, $4.50, per year and then constant growth of 4% forever. Investors require a 15% expected return. P5 is our terminal value, (which is a middle point between two stock valuation models.) What is this terminal value (a middle point)?
$18.45
$29.56
$37.41
$42.55
$49.97

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