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

a) $22.00

b) $27.00

c) $25.00

d) $25.75

e) $26.00