Rio National Corp reported earnings per share of $5.20 in 2020, and it paid dividends of $2.34 per share. Earnings are expected to grow at 12% each year from 2021 to 2023, during which period the dividend payout ratio is expected to remain unchanged. After 2023, the earning growth rate is assumed to drop to a stable 5% in perpetuity, and the payout ratio will increase to 60%. The risk-free rate of return is 2%, the expected rate of return on the market portfolio is 10%, and the stock of Rio National has a beta coefficient of 1.2. What is the intrinsic value of a share of Rio National stock according to the dividend discount model?