Question: Top O ' the Morning Inc., has declared a $ 3 per - share dividend. Suppose capital gains are not taxed, but dividends are taxed

Top O' the Morning Inc., has declared a $3 per-share dividend. Suppose capital gains are not taxed, but dividends are taxed at 19%. New IRS regulations require that taxes be witheld at the time
the dividend is paid. Top O' the Morning sells for $53.73 per share, and the stock is about to go ex-dividend.
What will be the ex-dividend price? (Round answer to 2 decimal places. Do not round intermediate calculations)
Top O' the Morning Inc., has declared a $3 per-share dividend.

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