Question $14$

A stock has a fairly stable dividend. It just paid a dividend of $$1\mathrm{.}08$ and it has a stable dividend growth rate of $3\mathrm{.}2\%$ per year. If an investor's required return is $8\mathrm{.}43\%,$ then what is the estimated intrinsic value using the constant state DDM$?$ State your answer as a dollar amount with two decimal places.