You are investing in a stock that is expected to pay a dividend of $3.5 (per share) 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 7.5%. Analysts expect an earnings per share (EPS) of $5.9 and P/E ratio of 15 at the end of year 4. What is the intrinsic value of the stock?