X$-$Ray Inc. recently paid its annual dividend of $$3\mathrm{.}37,$ and reported an ROE of $9\%.$ The firm

pays out $50\%$ of earnings as dividends. Based on your analysis, you estimate that the stock

has a required return of $8\%.$ What is the intrinsic value of this stock? DO NOT ENTER THE $

SIGN. ALSO, ENTER YOUR ANSWER AS A POSITIVE NUMBER. SET YOUR CALCULATOR

TO $4$ DECIMAL PLACES AND ROUND TO TWO DECIMAL PLACES AT THE END, i$.$e$.$ IF

YOUR ANSWER IS $33\mathrm{.}4348$ ENTER IT AS $33\mathrm{.}48$ ONLY