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Hint: When paying out dividends, a company passes profits along to shareholders. In doing so, it decreases its value proportional to the value of dividends

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Hint: When paying out dividends, a company passes profits along to shareholders. In doing so, it decreases its value proportional to the value of dividends paid out. How much will the stock price decrease by after the exdividend date? (Enter answer with two decimal places.) Scenario 1 Scenario 1 \begin{tabular}{|l|r|} \hline Stock price & $61.00 \\ \hline Shares outstanding & 12,104,000 \\ \hline Market cap & $738,344,000 \\ \hline & \\ \hline Excess Cash & $111,040,000 \\ \hline Dividend per share & $9.17 \\ \hline \end{tabular}

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