QUESTION $3$

Dividend Policy

Verizon Communications has announced a $$1\mathrm{.}83$ dividend. If Verizon's last price while trading cum$-$dividend is $$54\mathrm{.}82,$ what should its first ex$-$dividend price be $($assuming perfect capital markets$)?$

Round your answer to two decimals. Do not use a $ sign.

QUESTION $4$

Dividend Policy

AT&T has $1,000$ million shares outstanding selling for $$26\mathrm{.}71$ per share. It plans to repurchase $250$ million shares at the market price. What will its stock price be after the repurchase?

Round your answer to two decimals. Do not use a $ sign.