Sarro Shipping, Inc., expects to earn $1.3 million. There are 100,000 shares of stock outstanding, so earnings per share equal $13 ($1,300,000/100,000). The firm will have an opportunity at date 1 to spend $1,300,000 on a new marketing campaign. The new campaign will increase earnings in every subsequent period by $260,000 (or $ 2.6 per share). The firms discount rate is 10 percent. What is the tangible value per share? What is franchise value per share? What is the intrinsic value per share? (10 points)