Investment Company forecasts a $1.0 dividend for 2021, $1.1 dividend for 2022 and a $1.2 dividend for 2023 for Malibu Corporation. For year 2024 Investment Company forecasts that Malibu will pay a $1.3 dividend and that dividend will continue to grow by 5% each year. Using the dividend discount valuation model determine the intrinsic value of Malibu Corporation in 2020, assuming the company's cost of equity capital is 8%.

A. $37.22

B. $27.87

C. $21.12

D. $25.12