Intrinsic Value Calculation Using Residual Income Model

XYZ Corporation has recently reported its financials for the past three years, revealing the following details:

- Book Value of Equity at the end of Year 0: $500 million

- Expected Return on Equity (ROE): 10%

- Cost of Equity: 12%

- Expected growth rate of Earnings: 5% per annum

Using a Residual Income Model, what is the intrinsic value per share of XYZ Corporation if there are 100 million shares outstanding? Please calculate the intrinsic value considering the given parameters.