Ski Chalet is expected to have per share FCFE in year 1 of $1.48, per share FCFE in year 2 of $1.85, and per share FCFE in year 3 of $2.35. After year 3, per share FCFE is expected to grow at the rate of 7% per year. An appropriate required return for the stock is 12%. The stock should be worth _______ today.

Group of answer choices

$50.29

$36.43

$35.80

$40.26