You are considering an investment in Minnix Petroleum's prefered stock. The prefered stock pays a dividend of $2.31. Your required rate of return is 12%. What is the value of the stock

You intend to purchase Dorchester common stock at $58.00 per share, hold it for 1 year, then sell it after a dividend of $8.00 is paid. To what value would the stock price have to increase in order for you to satisfy your required rate of return of 13%