At year-end 2020, Foodcoco Incorporated (FI) had a book value of $25 per share. For the following 2 years, the company is expected to achieve an ROE (=net incomet/equityt-1) of 15% (on trailing book value) and to payout one-third of its earnings in dividends. The required return of equity is 10%. (1) Forecast FIs residual income for 2021 and 2022. (2) Suppose that the residual incomes for 2023 and beyond are fixed at the 2022 level; i.e., residual incomes for 2023 and beyond can be viewed as a perpetuity. What is the intrinsic value for each FI share at year-end 2020