Hugh is considering buying shares of Mayville Merchandising. Mayville is currently selling for $62.45 per share. Mayville also previously announced that a dividend of $1.10 per share will be issued. If the date of record for the dividend is today and the shares begin trading ex-dividend tomorrow, what should Hugh expect to pay for a share tomorrow? The answer is $61.35 but I do not know how to come to this answer.