Your broker has recommended that you purchase stock in National Bank & Trust, Inc. National Bank & Trust recently paid its annual dividend of $8. Dividends have consistently grown at a rate of 3.80%. Analysts estimate that the stock has a beta of 1.19. The current risk-free rate is 2.30% and the market return is 11.50%.
Assuming that CAPM holds, what is the intrinsic value of this stock?

a) $87.89 b)$96.64 c) $82.65 d) $89.42 e) $86.88