A company earned $3 a share last year and just paid a dividend of $2 a share. The company's dividends are expected to grow by 8 percent annually for the next two years. An investor with an 11-percent required rate of return expects to sell the stock at $75 two years from now. The maximum amount the investor should be willing to pay for this company's stock (in $) today is closest to ______.

Explanation: V = D1 / (1 + k) + D2 / (1 + k)² + SP2 / (1 + k)²

The value of the stock: 2($1.08)/1.11 + 2($1.08)²/1.11² + $75/1.11² = $64.71.