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 0.80. Using the constant-growth DDM, the intrinsic value of the stock is _________.

A 13.00

B 12.90

C 30.77

D 80.00

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