BorxCorp Inc., an all-equity firm, is currently valued at $520 million and has 20 million shares outstanding. The company just announced a $30 million-dollar quarterly dividend. If there are perfect capital markets, what would be the expected stock price on the ex-dividend date?

A)

$26.00

B)

$24.50

C)

$25.63

D)

$21.50

E)

$27.50