Please show the work:

Current book value per share is $30. For the next three years, the net income and dividends paid per share are shown in the table below. Compute the ending book value and residual income for each of the three years. The required rate of return on equity is 11%. The share price at the end of year 3 will be 2.5 times the book value at that time.

	Year 1	Year 2	Year 3
Net Income	5.00	5.00	5.00
Dividend paid	2.00	2.00	2.00

Use the residual income model to estimate the value per share. (Enter your answer to the nearest $0.01. Leave the $ sign off. In other words, if your answer is $55.55, enter 55.55 for your answer.)