Problem 9-23 (Algo) Present value [LO9-3] Jack Hammer invests in a stock that will pay dividends of $3.02 at the end of the first year; $3.34 at the end of the second year; and $3.66 at the end of the third year. Also, he believes that at the end of the third year he will be able to sell the stock for $52. What is the present value of all future benefits if a discount rate of 9 percent is applied? Use Appendix B for an approximate answer, but calculate your final answer using the formula and financial calculator methods. Note: Do not round intermediate calculations. Round your final answers to 2 decimal places. Dividend $ 3.02 $ Present Value 2.76 3.34 2.83 3.66 52.00 Total $ 5.59