High Speed Dirt Inc. is expected to pay a dividend of $5.27 at the end of the year (D1 = $5.27). The dividends are expected to grow at a constant rate of 5% annually forever. The risk-free rate, rRF, is 3%. The expected market return, rM, is 6%. High Speed Dirt has a beta of 1.3. What is the intrinsic value of this stock? (Round your answer to 2 decimal places.)