Your broker has recommended that you purchase stock in National Bank & Trust, Inc. National Bank & Trust recently paid its annual dividend of $16. 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 1.20. The current risk-free rate is 2.10% and the market return is 10%. Assuming that CAPM holds, what is the intrinsic value of this stock?

$434.73

$438.20

$421.57

$446.02

$459.92