MWC's financial statements and sales forecasts and reached the following conclusions: - MWC's earnings and FCFE's growth will be 15 percent per year for two years, then stabilised at 8 percent per year. - MWC will maintain its current dividend payout ratio. - MWC has a beta of 1.2. - Government bond yield 6.4 percent, and the market equity risk premium is 5.5 percent. - The most recent dividend paid to MWC share holders was $2.30. Lee also has MWC's current cash flow statement, which follows: The value of MWC's common stock using the two-stage dividend discount model is closest to: $65.88 $56.18 $62.75 $71.39 $61.55