Suppose Acap Corporation will pay a dividend of $ $2\mathrm{.}72$ per share at the end of this year and $ $2\mathrm{.}99$ per share next year. You expect$$ Acap's stock price to be $ $53\mathrm{.}64$ in two years. If$$ Acap's equity cost of capital is $11\mathrm{.}9\%$:

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. What price would you expect to be able to sell a share of Acap stock for in one$$ year?

c$.$ Given your answer in part $($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 part $($a$)?$

Note$$: It is best not to round intermediate calculationslong dashmake sure to carry at least four decimal places in intermediate calculations.