Your broker has recommended that you purchase stock in National Bank & Trust, Inc. National Bank & Trust recently paid its annual dividend of $18. The firm has an ROE of 15% and pays out 50% of its earnings as dividends. Analysts estimate that the stock has a beta of 1.01. The current risk-free rate is 2% and the market return is 11%. Assuming that CAPM holds, what is the intrinsic value of this stock?