Regency Co. has a current book value of $13.00 per share and no dividends has been paid. The most recent earnings per share were $3.92 and earnings are expected to grow at 4.5% forever. Stocks beta is 1.25, T-bill rate is 3.2% and S&P 500 return is 13.5%. Assume the clean surplus relationship is true. Assuming the company maintains a constant retention ratio, what is the value of the stock according to the residual income model?