A company's return on equity is 14% per year and its payout ratio is 40%. It expects to pay a $1.50 per share dividend next year. If the company's cost of equity is 10% per year, what is the present value per share of its growth opportunities (PVGO)? 1) $40.25 2) $32.50 3) $56.25 04) $25.75 5) $10.50