An analyst has provided you with the following per share abnormal earnings $($AE$)$ forecasts for James Ltd$.$ over the next three years $(20242026).$

$2024$ E AE $=$ $$2\mathrm{.}252025$ E AE $=$ $$2\mathrm{.}502025$ E AE $=$ $$2\mathrm{.}80$

The analyst has confirmed that the beta on James Ltd$.$ common shares is $1\mathrm{.}15,$ the current market price of risk is $5\%,$ and the risk$-$free rate is $2\%,$ and has also stated that they believe the abnormal earnings will grow at an average rate of $2\mathrm{.}5\%$ after $2026.$ Assuming that the share market is informationally efficient, what is the most likely current balance of James Ltd$.$ Shareholders$$ Equity $($SE$)$ account $($i$.$e$.,$ current Book Value$)$ if the current price of James Ltd$.$ common shares is $$55\mathrm{.}00$ and James Ltd$.$ has $2$ million common shares outstanding?

$1.$

$$22\mathrm{.}60$ million

$2.$

$$9\mathrm{.}64$ million

$3.$

$$11\mathrm{.}77$ million

$4.$

$$50\mathrm{.}18$ million