Universal Export's Preferred Shares Will Pay Their First Dividend in Five

Universal Export's Preferred shares will pay their first dividend in five years.The dividend will be 6.5% on a $50-par value.Assume that the dividends will continue annually in perpetuity at that level.The required return of preferred shareholders is 9%.What is the fair price for the preferred shares?

A) $23.47
B) $25.58
C) $36.11
D) $49.04
E) $50.00