4. Ant Financial's stock price dropped for $5 after paying a special dividend of $10. Assume capital gain tax rate is 20% and dividend tax rate is 50%. An investor buys the share right before the ex-dividend date and immediately sells it after receiving the divided. a. What is the effective dividend tax rate? b. How much tax the investor needs to pay per share on her dividend income? c. How much total tax the investor needs to pay per share after considering both dividend and capital loss? d. How much profit the investor can make per share? e. According to your answer to question d., are there arbitrage opportunities? First answer yes or no, then explain. 4. Ant Financial's stock price dropped for $5 after paying a special dividend of $10. Assume capital gain tax rate is 20% and dividend tax rate is 50%. An investor buys the share right before the ex-dividend date and immediately sells it after receiving the divided. a. What is the effective dividend tax rate? b. How much tax the investor needs to pay per share on her dividend income? c. How much total tax the investor needs to pay per share after considering both dividend and capital loss? d. How much profit the investor can make per share? e. According to your answer to question d., are there arbitrage opportunities? First answer yes or no, then explain