You are planning to value ABCLtd. using a different equity valuation approach. You have assembled the following information. Assume today is the end of the financial year 2021. 13 Assume that the firm pays out all its current earnings as dividends in 2021, so earnings in 2022 are the same as earnings in 2021. From the year 2022, assume that the firm pays out 60% of its earnings as dividends and then reinvests the remainder in investments that earn 9% p.a.. It then maintains a constant dollar amount of reinvestment each year. What is the intrinsic value of the stock? Select one alternative: $2.20 $2.84 $5.29 $3.51 $3.93