Investors expect that Amalgamated Aircraft Parts, Inc., will pay a dividend of $2.61 in the coming year. Investors require a rate of return of 14.2 % on the company's shares, and they expect dividends to grow at 5.3 % per year. Using the dividend valuation model, find the intrinsic value of the company's common shares.

The intrinsic value of the company's common shares is $ . (Round to the nearest cent.)