Joan is analyzing the Collar Corporation's stock. Joan uses CAPM to model the cost of equity. Joan uses the annual 3 percent yield on Ten Year Treasuries as the risk free rate. She estimates the expected equity risk premium to equal 8.2 percent and Collar's beta is equal to 2. Collar's recent average annual historical growth has been equal to 1 percent, which she uses as the growth rate in the Gordon growth model. The current (has already been paid to shareholders) annual dividend per share is $1.25 per share. What is Joan's estimate of the intrinsic value of Collar Corporation?