Question: Jack Hammer invests in a stock that will pay dividends of $3.18 at the end of the first year; $3.66 at the end of the

Jack Hammer invests in a stock that will pay dividends of $3.18 at the end of the first year; $3.66 at the end of the second year; and $4.14 at the end of the third year. Also at the end of the third year he believes he will be able to sell the stock for $68.

What is the present value of these future benefits if a discount rate of 11 percent is applied? (Use a Financial calculator to arrive at the answers. Round the final answers to 2 decimal places.)

Present value
$3.18
$3.66
$4.14
$68.00

Total	$

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