1. Estimate the intrinsic value for 2019 for Royal, Inc. using the residual income (RIM) model given the following information. Your estimation period is the most recent five years ending in 2018. You have an opportunity cost of 15% (table)

2013	2014	2015	2016	2017	2018	2019	2020	VALUE LINE PUB. LLC
8.06	7.89	7.91	8.70	8.79	9.38	9.70	10.05	Sales per sh
2.77	2.32	1.96	2.13	2.82	3.07	3.20	3.35	Cash Flow per sh
1.65	1.41	1.11	1.17	1.73	1.87	2.05	2.25	Earnings per sh A
.96	1.04	1.12	1.20	1.28	1.36	1.44	1.52	Divds Decid per sh
.19	.19	.23	.30	.33	.36	.40	.40	Capl Spending per sh
11.92	11.33	10.48	9.81	11.92	11.09	10.55	10.75	Book Value per sh

a_$42.15

b_$15.90

c_$10.43

d_$31.67

e_$21.34