QUESTION $27$

A stock just paid a $$3\mathrm{.}05$ dividend, expected to grow at $5\%$ for years $1$ and $2,$ and then at $1\mathrm{.}5\%$ thereafter. What is the stock's intrinsic value if the investor requires a $9\%$ return?

$$44\mathrm{.}07$

$$52\mathrm{.}03$

$$48\mathrm{.}98$

$$64\mathrm{.}16$

none of these