Nut and Bolt Guy, Inc.'s stock carries an expected return of 11%. The firm will pay a $2.4 dividend next year. After year 1, the dividend is expected to grow by 5% percent for years 2 and 3. The firm expects the dividend to grow by 3% after year 3.

Given this information, what is the intrinsic value of the stock?

		$51.7
		$42.4
		$37.7
		$31.1