Suppose a hypothetical corporation is in the very late maturity stage of its business life cycle. A decline in sales, earnings, and dividends is forecasted soon. Current annual DPS is $4.50. This DPS is expected to grow 3% for the next 3 years, followed by 1.5% annual growth forever. Rate of return stockholders require is 15%. Determine this stocks intrinsic value (P₀). Show all formulas & calculations. [HINT: use the 2-stage growth model.]