Frazier Manufacturing paid a dividend last year of $2, which is expected to grow at a constant rate of 5%. Frazier has a beta 1.

Frazier Manufacturing paid a dividend last year of $2, which is expected to grow at a constant rate of 5%. Frazier has a beta 1.3. If the market is returning 11% and the risk-free rate is 4%, calculate the value of Frazier's stock .

$25.93

$31.33

$38.53

$41.63