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Market price of Linden Landscaping Companys stock is $30 the day before the stock goes ex-dividend. The earnings of the company are $10 million, and

Market price of Linden Landscaping Company’s stock is $30 the day before the stock goes ex-dividend. The earnings of the company are $10 million, and the company follows a dividend policy with constant payout ratio of 40 percent. There are 1 million shares of common stock outstanding. What would be the new ex-dividend price of the stock?

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