The following provides Steve Ltd's earnings per share (EPS) and dividends per share (DPS) for the years 2020 2024. Suppose these numbers were given to you at the end of 2019, as forecasts, when the book value per share (BPS) was $3.30. Earnings Per Share Dividend Per Share 2020E $2.10 $0.35 2021E $2.20 $0.35 2022E $2.32 $0.35 2023E $2.44 $0.35 2024E $2.53 $0.35 Residual Earnings are expected to be constant after 2024. Use a required return of 10 percent. (i) Calculate Book value per share, Return on Capital Employed (ROCE) and residual earnings for each of the years for 2020 2024. (ii) Compute the forecasted value per share for Stamford Ltd at the end of 2019 using the residual earnings valuation model. (iii) Comment on the implications of a high Price-to-book (P/B) ratio