An analyst gathers the following information about a company:

| | Year 1 | Year 2 | Year 3 | Year 4 |

|---------------|--------|--------|--------|--------|

| Book value per share | $40.00 | $42.00 | $45.00 | $48.00 |

| ROE | 12.00% | 7.62% | 12.89% | 8.33% |

Over the 4-year period, the normalized EPS by the method of average ROE is closest to: