You are investing in a stock that is expected to pay a dividend per share of $3.5 in year 1, $3.7 in year 2, $3.9 in year 3, and $4.0 in year 4. The required rate of return on the stock is 9.5%. Analysts expect earnings per share (EPS) of $13 and a P/E ratio of 36 at the end of year 4.

What is the intrinsic value of the stock? Note: Round your final answer to 2 or more decimal places. Do not write any symbols like $.