Following are the data related to Silver Corporation. (Marks 07)

	2008	2009	2010	2011	2012	2013
Sales	36000	36570	41213	44646	52345	65434
Net Income	24400	25365	25765	27765	29876	31245
Total Shareholder Equity	15190	16452	17543	18897	19654	18765
Outstanding Shares	2300	2300	2300	2300	2300	2300
Total Liabilities	9700	10,000	11,000	11,760	12,230	12,900
Long Term Liabilities	7000	8100	9300	9600	10,120	10230

Cost of equity of company is 8 %. The growth rate for residual income after 2013 will be constant forever at 4 %.

You are required to determine the value of stock using Residual Income Model as off 2009.

dont use excel sheet and please solve it on a paper