An investor uses the following data and Gordon's constant growth dividend discount model to evaluate a company's common stock. To estimate growth, she uses the average of the:

1. average value of the compounded annual dividend growth rate over the period of Year 1 to Year 6, and
2. dividend payout ratio for Year 6.

Year	Earnings per Share	Dividend per Share	Return on Equity
6	$3.20	$1.92	12%
5	$3.60	$1.85	17%
4	$2.44	$1.74	13%
3	$2.08	$1.62	15%
2	$2.76	$1.35	11%
1	$2.25	$1.25	9%

If her required return is 15%, the stock's intrinsic value is closest to: