You are valuing Microsoft stock.

The most recent dividend of Microsoft was dividend of $2.10 per share.

You expect that Microsoft will experience a super non normal annual growth of 25% for the next 4 years.

After that, Microsoft's dividends are expected grow at a rate of 5% per year forever.

If the required rate of return on Microsoft stock is 7%, what is the intrinsic value of the stock?

Round the final answer to 2 or more decimal places.