Intrinsic Value of ABC Corporation using Residual Income Valuation

ABC Corporation is a publicly traded company that has consistently generated positive earnings over the last several years. The company's current book value of equity is $10 million, and it is expected to generate an ROE (Return on Equity) of 15% for the next three years. After that period, the company is projected to grow at a perpetual growth rate of 4%. The company's cost of equity is 10%.

Given this information, determine the intrinsic value of the company's equity based on the Residual Income Valuation approach.