Monaco Manufacturing does not currently pay a cash dividend, but it does pay a stock dividend of 5% per year. A stock dividend does not directly pay cash to the shareholders. Instead it is a payment in the form of additional shares of stock. For example, if you own 100 shares, a 5% stock dividend will mean that you will receive 5 new shares, giving you a total of 105 shares. Monaco will not pay a cash dividend, and will maintain the 5% per year stock dividend for 5 years. Monaco will then discontinue the stock dividend and institute a cash dividend of $5 per share, starting in year 6. In subsequent years the cash dividend will increase at a constant growth rate of 2% per year. The appropriate interest rate is 11% per year. Calculate the current intrinsic or fundamental value of a share of Monaco Manufacturing stock.