Assume

EvcoEvco$,$

$$Inc$.,$ has a current stock price of

$$$$40\mathrm{.}2440\mathrm{.}24$

and will pay a

$$$$2\mathrm{.}252\mathrm{.}25$

dividend in one$$ year; its equity cost of capital is

$14\%14\%.$

What price must you expect

EvcoEvco

stock to sell for immediately after the firm pays the dividend in one year to justify its current$$ price?

Question content area bottom

Part $1$

The expected price is

$$$enter your response here.

$($Round to the nearest$$ cent.$)$