DBR Inc is offering a new equity investment alternative, callable debt instruments. The investment pays shareholders a yearly dividend per share of 9% based upon a par value of $155. Two years from now these instruments will provide investors with a cash distribution of $70 per share. Four years from today after DBR makes the next dividend payment, the company will retire (call) the investments and the investor will receive $203 per share. If your required rate of return is 12%, what is the intrinsic value for this investment?