Intrinsic Value Calculation Using Residual Income Valuation

ABC Corporation is a manufacturing firm projected to generate the following net income over the next three years: $10 million in Year 1, $12 million in Year 2, and $14 million in Year 3. The company has a cost of equity of 10% and a projected book value of equity at the start of Year 1 of $50 million.

After Year 3, ABC Corporation is expected to maintain a constant growth rate of 3% in both net income and book value of equity. Using the Residual Income Valuation (RIV) method, what is the intrinsic value of ABC Corporation's stock today in millions (rounded to the nearest whole number)? Choose the option that reflects the calculated intrinsic value.