Residual Income Valuation of ABC Corporation

ABC Corporation is analyzing its financial performance and considering the application of the Residual Income Valuation method. As of the end of the fiscal year, ABC Corporation reported net income of $2,000,000 and equity of $10,000,000. The cost of equity for ABC Corporation is estimated to be 8%. The company's book value of equity is projected to grow at a constant rate of 4% per year.

Using the Residual Income Valuation model, what is the estimated value of ABC Corporation’s stock per share if there are 1,000,000 shares outstanding?