Use the Dividend Discount Model to compute the expected price of a stock in $3$ years. Each

share is expected to pay a dividend of $$8\mathrm{.}48$ in one year. Investors' annual required rate of

return is $9\mathrm{.}5\%,$ and the expected growth rate of the dividend is $5\mathrm{.}2\%$ per annum. Answer to

the nearest penny.

Answer: