A company expects to pay a $0.85 per share dividend next year. Its return on equity is 10% per year, and its payout ratio is 70% and its retention ratio is 30%. If the company's cost of equity is 11% per year, what is the present value per share of its growth opportunities (PVGO)? 1) $0.50 2) $0.46 3) $1.00 4) $0.37 5) $0.63