Suppose a stock that has never paid a dividend suddenly and unexpectedly announces that it will pay a $5 dividend in two months. Two- and three-month zero-coupon bonds are trading at 0.98 and 0.97, respectively. At the time of the announcement the three-month forward price of the stock should:

a.

Fall $5.15.

b.

Fall $5.10.

c.

Fall $5.00.

d.

Fall $5.05.