Question: Please include work, steps and formulas. The Ellerton Co. is expected to pay dividends of $4.10, $4.65 and $4.90 at the end of years 1,

Please include work, steps and formulas.

The Ellerton Co. is expected to pay dividends of $4.10, $4.65 and $4.90 at the end of years 1, 2 and 3, respectively. It is estimated that its share price will be $65.85 exactly three years from today. Let te be 15.6%. (a) Calculate the present value of the three dividends payments

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