A stock just paid an annual dividend of $$8.$ The dividend is expected to grow by $5\%$ per year for the next $4$ years. In $4$ years, the P$/$E ratio is expected to be $23$ and the payout ratio to be $60\%.$

The required rate of return is $8.$ Attempt $3/10$ for $10$ pts$.$

What is the intrinsic value of the stock?