Bergenfield, Inc., is expected to pay a dividend of $3 in the upcoming year. Dividends are expected to grow at the rate of 11% per year. The risk-free rate of return is 8%, and the expected return on the market portfolio is 18%. The stock of Bergenfield, Inc., has a beta of 0.80. Using the constant-growth DDM, the intrinsic value of the stock is _________.