QUESTION $10$

A stock will pay a $$3\mathrm{.}00$ dividend. The dividend growth rate is $7\%$ through year $3,$ then at $4\%$ for years $4$ and $5,$ then at $1\%$ thereafter. The

required return is $9\%.$ Calculate the intrinsic value of the stock. Remember not to round before your final answer.

$$43\mathrm{.}53$

$$65\mathrm{.}85$

$$51\mathrm{.}19$

$$48\mathrm{.}35$

none of these