1) In December 2020 company DEF traded at $21. DEF has reported a book value of $3.74 billion with 2.1 billion shares outstanding. Forecasted EPS for 2021 and 2022 are $1.50 and $1.80. DEF does not pay a dividend. Calculate the per-share value of DEF today based on forecasted EPS with an additional forecast that Residual Earnings will grow at 4% per year after 2022. Use a required rate of return of 10%; HINT Make sure everything is on a per-share basis!