ABC is concerned about the supply chain issues continue into 2023. Therefore, it announced today that dividends will be zero for 2 years. In year 3, it will pay $1.50 per share and grow at 5% per year indefinitely.

What is the intrinsic price per share after announcement?
i. $20.29
ii. $18.28
iii. $22.52
iv. $23.58
v. $22.25