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A firm is expected to produce earnings per share (EPS) of $3 next year. The firm's dividend payout ratio is 75%. The estimated return on

A firm is expected to produce earnings per share (EPS) of $3 next year.

The firm's dividend payout ratio is 75%.

The estimated return on equity (ROE) of the firm is 22%.

If the discount rate for the stock is 12%, what is the intrinsic value of the stock?

Round the final answer to 2 or more decimal places.

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