Assume the following forecasted residual operating income (ROPI) for Fey Corporation for 2014:

Current

Forecast Horizon

Terminal

($millions)

2014

2015

2016

2017

2018

Year

Residual operating income (ROPI)

$488

$636

$829

$990

$1,212

$1,380

Current

Forecast Horizon

Terminal

($millions)	2014	2015	2016	2017	2018	Year
Residual operating income (ROPI)	$488	$636	$829	$990	$1,212	$1,380

The value of the firm using the ROPI valuation model and NOA for 2014 of $5,423 and a discount rate of 6% and an expected terminal growth rate of 2.5%, is: Select one:

A. $34,360 B. $32,592 C. $38,015 D. $ 5,535 E. None of the above