MBI has an expected dividend of $1.10 per share next year (i.e. D1), current EPS of $4 and expected EPS growth of 10% per year. Based in a typical P/E ratio of 10, the expected price in two years will be $48.40 in two years (i.e. P2). According to the discounted dividend value model, what is the present value of MBI using a discount rate of 15% and a two years analysis period?