Question: Could someone please show me how we got the correct answer? Question 16 0 out of 0.5 points A company announces that it will pay

Could someone please show me how we got the correct answer?

Question 16 0 out of 0.5 points A company announces that it will pay its first dividend in 3 year's time. The first dividend is forecast to be $3 per share, thereafter growing at 2% p.a. What is the price of the stock (to the nearest Xcent) if the cost of equity is 7.1% p.a.? Selected Answer: 60 Correct Answer: 51.28 0.05

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