Shelyne meet up with her old friend, Fionna to help her value the Green Mills Corp (GMC) using residual income approach as of the end of 2017. The book value per share for Green Mills Corp is $25.00 in 31 December 2016. In this effort, Fionna has made the following assumptions :

1. Earnings per share (EPS) will be 28% of the beginning book value per share for each of the next three years.

2. GMC will pay cash dividends equal to 45% of EPS in 2017, and 40% of EPS in 2018 and 2019

3. In, GMCs ROE is 25%, but it is assumed that the firms ROE will slowly decline towards the cost of equity thereafter. The persistence factor is 0.7. 4. Beta for GMC is 1.1, the risk-free rate is 4.5%, and the equity risk premium is 5%.

The residual income per share in 2019 is closest to? Please answer it with formulas