3.Adelaide ltd. paid dividends per share of $2 in 2010. The firm's earnings per share had grown at 12% over the prior 5 years but the growth rate is expected to decline linearly over the next 8 years to 5%, while the payout ratio remains unchanged. The required rate of return is 8.30%.

The intrinsic value per share of this common stock is:

Group of answer choices

None of these

$90.61

$75.61

$83.61

$80.61