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4. Walter Wallawy would like to purchase the stock of the Wexler Winery Corporation. The...

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4. Walter Wallawy would like to purchase the stock of the Wexler Winery Corporation. The company plans to pay a dividend of $4.18 next year which will grow at a rate of 5.62% in the second year of the holding period. The dividend is expected to grow an additional 7.54% in the third year of the holding period and Walter expects to sell the stock at the end of that year for $78.50. If Walter's expected rate of return on this stock is 19.8%, what is the maximum he would pay if he purchases the stock today

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