Kapiti Jumbo Prawn Corp. is a seafood company that exports high-quality prawns to North American Market. The companys CFO announced on June 1st that it would pay a dividend of $1.20 per share on July 15^th to all holders. The dividend tax rate for all investors is 20 percent, and no capital gain tax applies. The firm's stock price is $32 a share today. Tomorrow is the ex-dividend date. Holding all else constant, what would you expect the stock price to be tomorrow?

Group of answer choices

$33.20

$31.04

$30.80

$32.94