Rumba Co. just paid a dividend of $2 per share. It is estimated that the companys dividend will grow at a rate of 20% per year for the next 2 years, then the dividend will grow at a constant rate of 7% thereafter. The companys stock has a beta equal to 1.5, the risk-free rate is 6%, and the market risk premium is 4%. Calculate the intrinsic value of the stock.

Please show all the steps to finding the answer.