Investment Company forecasts a $1.55 dividend for 2013, $1.7 dividend for 2014 and a $1.8 dividend for 2015 for Malibu Corporation. For year 2016 Investment Company forecasts that Malibu will pay a $2.0 dividend and that dividend will continue to grow by 3% each year.

Using the dividend discount valuation model determine the intrinsic value of Malibu Corporation, assuming the company's cost of equity capital is 7%.

A) 55.12

B) 45.22

C) 43.75

D) 38.72