As discussed in the text, in the absence of market imperfections and tax effects, we would expect the share price to decline by the amount of the dividend payment when the stock 2003 ex dividend. Once we consider the role of taxes, however, this is not necessary true One model has been proposed that incorporates tax effects into determining the ex-dividend price: (Po - P) / D. (1 - T) / (1 - To) Hero Pois the price just before the stock goes ex. Py in the ex-dividend share price is the amount of the dividend per here. The relevant marginal personal tax rate on dividends, and To is the effective marginal tax rate on capital gains TpTo=0, how much will the share price fall when the stock porn ex? (Do not round intermediate calculations and round your answer to the nearest whole number.o.s. 32) Share price decline b.it Tp 15 percent and T6 +0. how much will the share price fel? (Do not round intermediate calculations and round your answer to 2 decimal places, s. 32.16.) Share price decline C. TP = 15 percent and It To = 20 percent, how much in the share price for? (Do not round intermediate calculations and round your answer to decimal places. 9.324016.) Share price decline D d. Suppose the only owners of stock are corporations. Recall that corporations et at least a 70 percent exemption from taxation on the dividend income they receive, but they do not get such an exemption on capital gains. If the corporationis income and capital gains tax rates are both 35 percent what does this model predict the change in the dividend the price be? (Do not round intermediate calculations and round your answer to 4 decimal places... 32.1616) Share price decine D