The following forecasts of earnings per share (EPS) and dividend per share (DPS) were made at the end of 2012 for a firm with a book value per share of $22.00: 2013 2014 2015 2016 2017 EPS 3.90 3.70 3.31 3.59 3.90 DPS 1.00 1.00 1.00 1.00 1.00 The firm has an equity cost of capital of 12 percent per annum. What is the per-share value of the equity at the end of 2012 based on the residual earnings valuation method