ABC Ltd. has current earnings per share of $5.00 (reported today) with a growth rate of 5% per year perpetually. It has an option to start a new project that requires an investment of $2.50 per share now. The project will increase annual earnings per share in the three years following the investment by $1.80 and $2.20, $2.90 respectively. The required rate of return on equity for the firm is 20%. a. Suppose an investor purchased ABC Ltd. shares before the announcement of the investment opportunity and sold it after 2 years. What is her return on this transaction?