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A company has declared a dividend of $6.45 per share on its stock. Capital gains are not taxed. Suppose the IRS has issued a new

A company has declared a dividend of $6.45 per share on its stock. Capital gains are not taxed. Suppose the IRS has issued a new regulation that requires taxes of 10 percent be withheld at the time the dividend is paid. The stock currently sells for $99.25 per share. What will the ex-dividend price be?

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