Jack Hammer invests in 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 #33.00. 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.)

Let p1 = payment at the end of year 1
p2 = payment at the end of year 2
p3 = payment at the end of year 3
d = discount
With payments at year end, the formula simplifies to:
pv = p1/(1+d) +p2/(1+d)^2+p3/(1+d)^3
This is derived from the standard interest formula
fv = pv (1 +r) ^ n
where r is the rate per period and n is the number of periods

Applying the formula to your problem:

pv = 2/(1+.11) + 2.2/(1+.11)^2 + 2.4/(1+.11)^3 + 33/(1+.11)^3
pv = 1.80 + 1.79 + 1.75 + 24.13
pv = 29.47