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Schaeffer Shippers announced on May 1 that it will pay a dividend of $5.00 per share on June 15. The firm's stock price is currently

Schaeffer Shippers announced on May 1 that it will pay a dividend of $5.00 per share on June 15. The firm's stock price is currently at $70 per share. Assume all investors are in the 33% tax bracket. Given that the ex-dividend date is May 29, what should happen to Schaefers stock price on May 29?

A. $70

B. $66.65

C. $65

D. $68

E. $63

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