You see a mature, stable stock with a high dividend payout that you want to value. The stock paid a dividend of $2.25 per share over the past 12 months. Dividends are growing at a constant rate of 3.0% per year. The risk-free rate of return is 4% and the market risk premium is 6%. The stock has a beta of 1.2 versus the S&P 500. Calculate the intrinsic value of this stock using the constant growth dividend discount model.