Suppose Acap Corporation will pay a dividend of $ $2\mathrm{.}73$ per share at the end of this year and $ $2\mathrm{.}93$ per share next year. You expect$$ Acap's stock price to be $ $52\mathrm{.}71$ in two years. Assume that$$ Acap's equity cost of capital is $8\mathrm{.}7\%.$

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$)?$