Question: Please solve and provide step by step explanation. and identify formula if one is needed to solve Rayray Records' stock currently sells for $105.00 per

Please solve and provide step by step explanation. and identify formula if one is needed to solve

Rayray Records' stock currently sells for $105.00 per share. The dividend is projected to increase at a constant rate of 4% per year. The required rate of return on the stock, rs, is 13%. What is the stock's expected price 3 years from today, $ xxx.xx, no $ sign?

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