Question $1$

A stock's dividend in $1$ year is expected to be $$3.$ The dividend is expected

to remain the same indefinitely. The stock's required return is $11\%.$ The

estimated value of the stock today is $

Margin of error for correct responses: $+/-05$

Rounding and Formatting instructions:

Do not enter dollar signs, percent signs, commas, $x,$ or any words in your

response. Do not round any intermediate work, but round your

response to $2$ decimal places $($example: if your answer is $12\mathrm{.}3456,12\mathrm{.}3456\%,$

or $$12\mathrm{.}3456,$ you should enter $12\mathrm{.}35).$