Thai One On, a national Thai Restaurant chain, expects to see a 25% annual increase in dividends over the next three years. After that, analyst expect dividends to fall to a constant growth rate of 5% thereafter. Thai One On's last dividends paid was $1.40 per share. Also since there will be a few more Thai chains popping up shortly, investors see some risk and require a return of 13.5%. Based on this information, what is the instrinctive value (current price per share) of Thai One On's stock? Hint: Follow the three steps. (All work must be shown!)