The market consensus is that Analog Electronic Corporation has an ROE = 12%, a beta of 2.10, and plans to maintain indefinitely its traditional plowback ratio of 1/3. This years earnings were $3.60 per share. The annual dividend was just paid. The consensus estimate of the coming years market return is 13%, and T-bills currently offer a 5% return. Calculate the present value of growth opportunities. Suppose your research convinces you Analog will announce momentarily that it will immediately reduce its plowback ratio to 2/3. Find the intrinsic value of the stock.