E. M. Roussakis Inc.'s stock currently sells for $45 per share. The stock's dividend is projected to increase at a constant rate of 3.75% per year. The required rate of return on the stock, rs, is 15.50%. What is Roussakis' expected price 5 years from now?

I came up with $48.88 but I was told it is not the correct answer.

How did you get $48.88 (show the work please). Also what method or model are you using.

the answer is $54.09. The equation is P0 * (1+g)N