To determine the Intrinsic Value of a common stock, you forecast the cash distributions per share shown below for the next four years. The cash distributions are growing at a rate above the companys long-term growth rate because the next four years are expected to be exceptionally profitable. The most recent cash flow was $1.20 for fiscal year 2022, which ended September 30 - i.e. - CD₀ = $1.20]. It is the beginning of fiscal year 2023. Beyond 2026, you forecast that the cash flow will grow at a constant rate of 3.50%. You select a rate of return of 7.75% for this stock based on current interest rates and what you believe is a reasonable risk premium. What is the Intrinsic Value of the stock as of time zero? Round to one cent.

Year	1	2	3	4
	2023	2024	2025	2026
	CD1	CD2	CD3	CD4
Cash Flow Distribution Forecast	$1.45	$1.65	$1.90	$2.20

Intrinsic Value: