Suppose Acap Corporation will pay a dividend of $$$$2\mathrm{.}86$ per share at the end of this year and $$$$3\mathrm{.}05$ per share next year. You expect Acap$\text{'}$s stock price to be $$$$51\mathrm{.}61$ in two years. Assume that Acap$\text{'}$s equity cost of capital is $11\mathrm{.}3\%.$

a$.$ What price would you be willing to pay for a share of Acap stock$$ today, if you planned to hold the stock for two$$ years?

b$.$ Suppose instead you plan to hold the stock for one year. For what price would you expect to be able to sell a share of Acap stock in one$$ year?

c$.$ Given your answer in $($b$),$ what price would you be willing to pay for a share of Acap stock today if you planned to hold the stock for one$$ year? How does this compare to your answer in $($a$)?$

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Part $1$

a$.$ What price would you be willing to pay for a share of Acap stock$$ today, if you planned to hold the stock for two$$ years?

If you plan to hold the stock for two$$ years, the price you would pay for a share of Acap stock today is $$$

$$

enter your response here. $($Round to the nearest$$ cent.$)$