Pike's Peak Pure Spring Water Inc. is considered a liquid company because of its generous dividend policy. Prior to the firm's ex-dividend date of June 15th, the stock is selling for a price of $31.25 per share. If you purchase the stock prior to June 15th, you will receive a dividend of $1.60. If you waited until June 16th to buy the stock, and there was no other event to change the price of the stock, what would be the stock's expected price?

A) $31.25

B) $29.65

C) $23.18

D) Unknown