Question: Jack Hammer invests in a stock that will pay dividends of $3.11 at the end of the first year; $3.52 at the end of the

Jack Hammer invests in a stock that will pay dividends of $3.11 at the end of the first year; $3.52 at the end of the second year; and $3.93 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 $61.

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
$3.11
$3.52
$3.93
$61.00
Total	$

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