Bow Wow co. has just received $3.5 million from the sale of one of its divisions. The company has 415,000 shares outstanding that sell for $85.25 per share. If the company issues the entire proceeds from the sale as a special dividend, what will the ex-dividend stock price be? Ignore taxes.

a. $93.68

b. $78.74

c. $85.13

d. $85.25

e. $76.82