Tic Toc Inc. has an expected rate of return on equity next year, ROE1, equal to 12.5% and a dividend payout ratio next year, DPY1, equal to 80%. Tic Toc Inc.'s equity beta is equal to 1 and the company is expected to pay dividend per share next year, DPS1, equal to $1. The long-run risk-free rate is equal to 2.5% while the stock market risk premium is equal to 5%. If Tic Toc Inc. change their dividend payout ratio next year to 60% then their intrinsic equity value per share will be equal to: $10.00 $30.00 $40.00 $20.00