Joseph Yoh is evaluating a purchase of Canon, Inc. (NYSE: CAJ). Current book value per share is \($26.24\) and the current price per share is \($34.68\) (from Value Line, 26 July 2013). Yoh expects long-term ROE to be 11 percent and long-term growth to be 5.5 percent. Assuming a cost of equity of 9.5 percent, what is the intrinsic value of Canon stock calculated using a single-stage residual income model?