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Bowzer Co. has just received $3 million from the sale of one of its divisions. The company has 390,000 shares outstanding that sell for $84.55

Bowzer Co. has just received $3 million from the sale of one of its divisions. The company has 390,000 shares outstanding that sell for $84.55 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.

Multiple Choice

$84.42
$76.86
$92.24
$84.55
$78.78

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