What is the estimate of equity value using the residual income $($RI$)$ method under the following scenario?

$B{V}_0$ is $100$ per share.

$r_e=8$ percent is the estimate of the equity cost of capital.

Net income of $$21$ per share is forecast for next year and there is an estimated growth rate of net income of $3$ percent into perpetuity.

$1,000$ common shares are outstanding.

Required:

Answer the following question based on the details provided.

$\backslash$table$[[$Question$,$Answer$],[\backslash$table$[[$a$.$ Given these expectations of future performance, what would be the intrinsic$],[$price per share of common stock?$]],$per share$]]$