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A certain company just paid a dividend of $1.75 and it currently has a very high growth rate of 15%. Analysts expect this high growth rate to remain at this pace for 3 years and then in year 4 it will decay to the average economic growth rate which is currently assumed to be 3%. If the relevant market cap rate is 12%, then what is the stock's intrinsic value using the Dividend Discount Model?

$28.95

$27.94

$27.20

$26.95