You see a fast growing company that is estimated to have dividend growth of 20%, 18%, 16% and 14% over each of the next four years (20% in year 1, 18% in year 2, 16% in year 3, 14% in year 4). The company paid a dividend of $2.25 per share over the past twelve months. Dividends are expected to grow at a constant rate of 3.0% per year beginning in year 5 to perpetuity. The risk-free rate of return is 4% and the market risk premium (expected return on the S&P 500 minus the risk- free rate of return) is 6%. The stock has a beta of 1.3 versus the S&P 500. Calculate the intrinsic value of this stock using the two-stage dividend discount model. $38.54 $43.98 $3721 O $41.87