Agamex. Inc, an established feedlot-supply company, has a beta of 1.25, and a payout ratio of 70%. The risk-less rate is 4% and the expected return on the market is9%. What is the appropriate leading price-earnings ratio to be used in the valuation of this company if an analyst expects a long-term dividend growth rate of 4%（）

A. 4.80.

B. 6.22.

C. 11.20.