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Suppose 3M is currently trading for $143.45 per share. The company is expected to pay the following annual dividends on its common stock over the

Suppose 3M is currently trading for $143.45 per share. The company is expected to pay the following annual dividends on its common stock over the next 3 years: $1.6, $1.2, and $2.1 at the end of year 1, 2, and 3 respectively. Find the expected price (ex-dividend) for 3Ms stock in 3 years from today just before the last dividend is paid if their expected return is estimated to be 16.57% per year (hint: the 16.57% percent is not a holding period return).

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