17. Jack Hammer invests in a stock that will pay dividends of $2.00 at the end of

the first year; $2.20 at the end of the second year; and $2.40 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 $33. What is the present value of all future benefits if a

discount rate of 11 percent is applied? (Round all values to two places to the

right of the decimal point.)

5.34