Today is January 1st, 2022.

Company X's stock is currently trading for $37.00 after paying its annual dividend.

Company X's share price has the following characteristics:

4% risk free rate

4% expected market return

1.9 Beta

X has historically paid a dividend of ~5% at year end annually (Dec 31st). What is the expected stock price 3.5 years from now?

Treat all rates as continuously compounding.