High Speed Dirt Inc. is expected to pay a dividend of $6.36 at the end of the year (D1=$6.36). The - dividends are expected to grow at a constant rate of 4% annually forever. The risk-free rate, rRF, is 3%. The expected market return, rM is 10%. High Speed Dirt has a beta of 1.2. What is the intrinsic value of this stock? (Round your answer to 2 decimal places.)