Todd Mountain Development Corporation is expected to pay a

dividend of $$4$ in the upcoming year. Dividends are expected to grow

at the rate of $13\%$ per year. The risk$-$free rate of return is $10\%,$

and the expected return on the market portfolio is $20\%.$ The stock

of Todd Mountain Development Corporation has a beta of $0\mathrm{.}80.$ Using

the constant$-$growth DDM$,$ the intrinsic value of the stock is