Question: Top O the Morning Inc., has declared a $3 per-share dividend. Suppose capital gains are not taxed, but dividends are taxed at 17%. New IRS

Top O the Morning Inc., has declared a $3 per-share dividend. Suppose capital gains are not taxed, but dividends are taxed at 17%. New IRS regulations require that taxes be withheld at the time the dividend is paid. Top O the Morning sells for $54.21 per share, and the stock is about to go ex-dividend. What will be the ex-dividend price?

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