$3.$ Chapter MC$,$ Section $\mathrm{.}09,$ Problem $057.$Algo

Reddick Enterprises' stock currently sells for $$45\mathrm{.}00$ per share. The dividend is projected to increase at a constant rate of $3\mathrm{.}60\%$ per year. The required rate of return on the stock, rs$,$ is $9\mathrm{.}00\%.$ What is the stock's expected price $3$ years from today?

a$.$ $$46\mathrm{.}62$

b$.$ $$50\mathrm{.}04$

c$.$ $$52\mathrm{.}69$

d$.$ $$58\mathrm{.}28$

e$.$ $$49\mathrm{.}05$