Nofal Corporation will pay a $3.65 per share dividend next year. The company pledges to increase its dividend by 5.1 percent per year, indefinitely.

Required:

If you require a return of 12 percent on your investment, how much will you pay for the companys stock today? (Do not round intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).)

I figured this one out... do not need the response now. The answer is $52.90