Hi, how do you solve this question? Could you explain how to work out the answer as well? Thank you :)

3. Zoom Enterprises has $25 million is excess cash. The rm has no debt and 50 million shares outstanding with the current market price of $15 per share. Zoom's board has decided to pay out the cash as a one-time dividend. No franking credits are distributed. a. The market value of zoom will drop by $15 million b. The price of zooms stock will drop by $0.50 per share on the ex dividend date c. The price of zoom's stock will drop by $0.50 per share on the ex dividend date but rise by the announcement effect d. The price of the stock will not change because this is a special dividend e. The price of the stock will rise by 1.32 times the stock price on the cum dividend date