Problem 9-23 Present value [LO9-3] Jack Hammer invests in a stock that will pay dividends of $3.10 at the end of the fir

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Problem 9-23 Present value [LO9-3]
Jack Hammer invests in a stock that will pay dividends of $3.10
at the end of the first year; $3.50 at the end of the second year;
and $3.90 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
$60.
What is the present value of all future benefits if a discount
rate of 10 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.)