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Bills Co . has a current market value of equity of $ 3 2 , 4 0 0 and market value of debt $ 0

Bills Co. has a current market value of equity of $32,400 and market value of debt $0. Currently, the firm has excess cash of $2,100, net income of $3,210, and 800 shares of stock outstanding. The firm has decided to pay out all of its excess cash as a cash dividend. What will the stock price per share be after this dividend is paid?
$37.88
$37.99
$38.28
$38.81
$39.42
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