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RFC Corp. has announced a $ 1.40 dividend. If RFC's last price cum-dividend is $ 45 what should be its first ex-dividend price (assuming perfect

RFC Corp. has announced a

$ 1.40

dividend. If RFC's last price cum-dividend is

$ 45

what should be its first ex-dividend price (assuming perfect capital markets)?

RFC's first ex-dividend price is

$nothing .

(Round to two decimal places.)

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