Que Corporation pays a regular dividend of

$1.001.00

per share. Typically, the stock price drops by

$0.820.82

per share when the stock goes ex-dividend. Suppose the capital gains tax rate is

26 %26%,

but investors pay different tax rates on dividends. Absent transactions costs, what is the highest dividend tax rate of an investor who could gain from trading to capture the dividend?

Investors who pay a tax rate lower than

nothing%

could gain from a dividend capture strategy.(Round to one decimal place.)