You see a fast growing company that is estimated to have dividend growth of 18%, 16%, and 14% over each of the next three years (18% in year 1, 16% in year 2, 14% in year 3). The company paid a dividend of $2.25 per share over the past 12 months. Dividends are expected to grow at a constant rate of 3.0% per year beginning in year 4 to perpetuity. The risk-free rate of return is 4% and the market risk premium is 6%. The stock has a beta of 1.20 versus the S&P 500. Calculate the intrinsic value of this stock using the two-stage dividend discount model