QUESTION 5 HAS ONE PART FOR A TOTAL OF 6 MINUTES.
　　After Rio National Corp. announced the new marketing agreement to sell its products in Southeast Asia， several analysts revised their 2003 outlook for Rio National. Reflecting the new marketing agreement， the current consensus 2014 earnings per share is $2.19 and the current consensus 12-month target share price is $50.00.
　　Sophie Delourme observes that Rio National‘s share price rose from $25.00 to $37.00 after the new agreement was announced. She believes that Rio National’s required rate of return (cost ofequity) is 13.5 percent.
　　Calculate the present value of growth opportunities (PVGO) reflected in Rio National‘s share price after the agreement was announced. Show your calculations.
　　(6 minutes)
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