Ottawa Tech. has $50 million in excess cash and no debt. The firm expects to generate additional free cash flows of $40 million per year in subsequent years and will pay out these future free cash flows as regular dividends. Ottawa's unlevered cost of capital is 10% and there are 10 million shares outstanding. Ottawa's board is meeting to decide whether to pay out its $50 million in excess cash as a special dividend or to use it to repurchase shares of the firm's stock. Assume that Ottawa uses the entire $50 million in excess cash to pay a special dividend. Ottawa's ex-dividend price is closest to:

A. $60 B. $50 C. $5 D. $45 E. $40