MC Corporation has assets with a market value of $1000 million, $50 million of which are excess cash. It has debt of $300 million, and 20 million shares outstanding. The board of directors of the firm has just announced that it will use the excess cash to pay a cash dividend. Suppose that the capital gain tax rate is 20% and the dividend tax rate is 25%. Assume that there are no other market imperfections except taxes. (i) What is the effective dividend tax rate? (ii) What is the minimum ex-dividend stock price for an investor who could gain from trading to capture the dividend? (iii) An investor purchased 2000 shares of the firm several days before the dividend announcement