An investor with a required return of 14% is analyzing a company that is planning to offer its first dividend one year from today. The projected payout ratio is 20%, and it is also forecasted that the firm's earnings per share will be $4.20 per share in one year. If the investor assumes that the dividend will grow at the rate of 5% each year thereafter, what is the intrinsic value of the stock todav if the investor uses the dividend discount model