Brandy Clark, CFA, has forecast that Aceler, Inc., will pay its first dividend two years from now in the amount of S1.25. For the following year she forecasts a dividend of $2.00 and expects dividends to increase at an average rate of 7% for the foreseeable future after that. If the risk-free rate is 4.5%, the market risk premium is 7.5%, and Aceler's beta is 0.9, Clark would estimate the current value of Aceler shard as being closest to: Calculate the EV/EBITDA multiple A. $37 B. $39 C. $47