Analysts forecast the earnings per share for 2013 and 2014 will be $16.87 and $18.06, respectively. You forecast that the earnings will grow by 7% annually from 2015 to 2020, and after 2020 there will be no growth in abnormal earnings. You further assume that the company’s required rate of return is 8%, dividend payout ratio will remain at 25%, and the book value of equity is $18.15 per share at the beginning of 2013.
Question: Calculate abnormal earnings for year 2013 to 2020, and find the terminal value of abnormal earnings beyond 2020. Use discounted abnormal earnings model to find the fundamental value of the company as at the beginning of 2013.

Abnormal earnings about 15 plus to 16 plus each year from 2013 to 2020.
I got terminal value 114,
And fundamental value of 224.

But it seems to be wrong. Anyone can see what's wrong?