This morning, you purchased one share of stock for $26. The stock pays $.32 per share each quarter as a dividend. What must the stock price be 1 year from now if you want to earn a total return of 16 percent for the year? = $28.88 0.16 = [P_{t + 1} $26 + (4 $0.32)] / $26 P_{t + 1} = $28.88

I need more steps to show me how the arrived at 28.88 as the answer please.