BT Alex Brown Analysts are evaluating (NYSE: EGN) for possible cap oriented EGN is a energy company involved in & gas productsAs a of EGN's aggressive program of purchasing and gas producing properties BT Alex Brown expects above-average growth for the next The establish the following facts and for EGN

market price is 20

current dividends are $0.54

Required return on equity 11%

Initial 2 year period of 15% per year earnings and dividend

Alex anticipates that EGN can grow 7% per year as a mature company and allows 10 years

which of the following is closest to intrinsic value of ENG based on these inputs

18.32

22.44

16.43

20.14