McDonald's Corp. (MCD) is expected to pay a dividend of $3.1, $3.2, $3.3, and $3.4 per share in the next 4 years (until t = 4), respectively.

The MCD stock has a required rate of return of 6.2%.

For year 4, the firm's forecast earnings per share (EPS) and P/E ratio for MCD are $14 and 21.0, respectively.

What is the intrinsic value of the MCD stock?

Round your final answer to 2 or more decimal places.