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Bowzer Co. has just received $4.8 million from the sale of one of its divisions. The company has 505,000 shares outstanding that sell for $87.07

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Bowzer Co. has just received $4.8 million from the sale of one of its divisions. The company has 505,000 shares outstanding that sell for $87.07 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. eBook O $87.07 O $86.96 O $79.50 O $96.57 O $77.57

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