Suppose the goddess tells you the following information about a stock:

YearDividend

1. 2$

2. 2$

3. 3$

She also tells you that the stock will sell for $52 at three years from now.

If you require a 8% return to invest in this stock, what do you expect the price of the stock to be one year from now (P1)? Answer to 2 decimal places, for example 49.12.