The XYZ Co. just paid a dividend of $1.95 per share on its stock. The dividends are expected to grow at a constant rate of 4% per year indefinitely. Assume investors require a return of 10.5 % on the XYZ Co. stock. What will the price be in 3 years?

Group of answer choices

$ 36.50

$ 35.10

$ 31.20

$ 30.00

$ 56.19