The required rate of return is 23.60 percent. Crane Corp. has just paid a dividend of $3.12 and is expected to increase its dividend at a constant rate of 6.95 percent. What is the expected price of the stock three years from now? (Round answer to 2 decimal places, e.g. 15.20.)

    Expected value of the hoard three years from now=Last dividend*(1+g)^4/(r-g)=3.12*1.0695^4/(23.60%-6.95%)=24.52