Sheng, Inc. expect to have 21% of return on equity each year. The company's dividend payout ratio is 50%, and it just announced its EPS of $20. Sheng just paid its dividends this year. If Sheng has a beta of 2.1 and the T-bill's return is 10.0%, with investors expect S&P500 to earn a return of 15%.

a. Calculate the intrinsic value of Sheng's common shares. (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Intrinsic Value = ?

b-1. What will be the price per share one year from now if Sheng's current market price per share is $109, and people expect that the current market price reflects its intrinsic value? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Price = ?

b-2. What will be your holding-period return if you hold Sheng's common stock for one year? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Expected one-year holding period return = ?