1. Assume that you are looking at company that operates in a market where investors pay a 25% tax rate on dividends and only 20% in capital gains. The companys stock trades at $20/share today and has an annual dividend of $2/share. If tomorrow is the ex-dividend day, what would you expect the stock price to be at the end of the day?
   1. $16.1
   2. $18.1
   3. $19.1
   4. $21.1
   5. $22.1