Show me the steps to solve New Gadgets, Incorporated, currently pays no dividend but is expected to pay its first annual dividend of $$5\mathrm{.}40$ per share exactly $5$ years from today. After that, the dividends are expected to grow at $3\mathrm{.}7$ percent forever. If the required return is $12\mathrm{.}3$ percent, what is the price of the stock today?

Multiple Choice

$$54\mathrm{.}30$

$$35\mathrm{.}16$

Incorrect

$$46\mathrm{.}06$

$$39\mathrm{.}48$

$$62\mathrm{.}79$