You are an investor currently considering purchasing shares of CODA. You expect them to pay a dividend of $1.34 a share and those dividends to grow at 2% a year indefinitely, however, you don't expect that first dividend of $1.34 until the end of year 6. Based on your analysis, what would be a fair value for shares of CODA given a 50% Debt to Cap ratio, a 3% after tax cost of debt and a 6% cost of equity?

A) $35.00.

B) $33.50.

C) $29.93.

D) $25.03.