1. Corporation A has announced a $2.9 dividend. If the firm's last price while trading is $59, what should its first ex-dividend price be (assuming perfect capital markets)?

NOTE: Submit your answers with 4 decimals after the dot.

2. Firm A has assets of $571,062,010, $50,000,000 of which are cash. It has debt of $114,918,526. If KMS repurchases $17,586,709 of its stock. After the repurchase, what will its new leverage ratio be ?