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Bowzer Company has just received $4.3 million from the sale of one of its divisions. The company has 455,000 shares outstanding that sell for $86.37

Bowzer Company has just received $4.3 million from the sale of one of its divisions. The company has 455,000 shares outstanding that sell for $86.37 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

$86.26

$78.84

$86.37

$95.82

$76.92

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