Problem 9-23 Present value [LO9-3] Jack Hammer invests in a stock that will pay dividends of $3.15 at the end of the first year; $3.60 at the end of the second year; and $4.05 at the end of the third year. Also, he believes that at the end of the third year he will be able to sell the stock for $65. What is the present value of all future benefits if a discount rate of 8 percent is applied? Use Appendix B for an approximate answer, but calculate your final answer using the formula and financial calculator methods. (Do not round intermediate calculations. Round your final answers to 2 decimal places.) Dividend Present Value $ 3.15 3.60 4.05 65.00 Total