WO Co. has $40 million in excess cash and no debt. The firm expects to generate additional free cash flows of $50 million per year in subsequent years and will pay out these future free cash flows as regular dividends. WO unlevered cost of capital is 10% and there are 10 million shares outstanding. WO's board decides to pay out its excess cash and future FCFs as a special dividend. What is the before-dividend price and ex-dividend price?

Select one: a. $45 and $50 b. $54 and $40 c. $54 and $50 d. $45 and $40