The intrinsic value of a stock that has just paid an annual dividend of $$4$ per share when dividends are expected to grow at $3\%$ and the required return on the stock is $12\%$ is closest to:

$$ $$34\mathrm{.}30$

You Answered

$$44\mathrm{.}44$

Correct Answer

$$45\mathrm{.}78$

I keep getting $44\mathrm{.}44.$ How is this the answer?