An analyst has been asked to use a multi-stage dividend discount model to determine the value of H. shares. The forecast of dividends for the next 4 periods are, respectively: 50.78, 50,85, 50.92, and $1.00. However, this growth rate cannot be sustained indefinitely After the 4th year, there is a steady state growth of dividends which is forecasted as follows. The forecast dividend payout ratio is 25% with a retum on equity of 10% For the required rate of return, we estimate that the risk-free rate is 2%, the beta of this stock is 0.95 and the market risk premium is 8% Find today's estimate of the intrinsic value of H. shares