On Thursday, February 5, Morning Dew Spring Water Ltd. declared a $0.50 per share dividend to be paid on Monday, April 13; the date of record will be Thursday, March 19. Morning Dew's stock closed $13.75 on the last cum-dividend date. What will the opening price be on the ex-dividend date? (Assume perfect markets.)(Select the best choice below.)

A.

$13.50

B.

$13.75

C.

$14.25

D.

$13.25

E.

$14.00