(a) The following forecast information is provided on Westheaven Ltd: Terminal year (2016) 2011 2012F 2013F 2014F 2015F $m $m $m $m 42 50.40 60.48 72.58 87.09 5.04 6.05 7.26 8.71 10.45 $m $m Closing book value of equity Net profit after tax 104.51 12.54 Other information: Cost of equity is 10% Number of outstanding shares in million is 12.50 Growth rate in terminal year is 3% F = forecast Calculate the share price of the company in 2011 using the residual income valuation model