The market consensus is that Grandma Corporation has an ROE 9%, has a beta of 1.25, and plans to maintain indefinitely its traditional dividend payout ratio of 1/3. This year's earnings were $3 per share. The annual dividend was just paid. The consensus estimate of the coming year's market return is 14%, and T-bills currently offer a 6% return 8. Suppose your research convinces you Grandma will announce momentarily that it will immediately increase its dividend payout ratio to 2/3. Find the intrinsic value of the stock. O $15.38 $15.85 $7.92 $23.77