4. Analysts have issued the following forecasts of earnings per share for Kohls: Earnings per share Dividends per share 2011 2012 2013 2014 4.51 5.16 5.57 5.96 0 0 0 0 At the beginning of fiscal year 2011, Kohl's has a book value of $26.48 per share. Assume that 2015 is the terminal year and that earnings per share and book value per share are expected to grow 3% in 2015 and thereafter (a) Assuming Kohl's cost of equity capital is 9%, calculate Kohl's estimated firm value per share using the forecasts above and the residual income valuation model. Please show your calculations.