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Suppose the costs of buying and selling shares is zero. You pay 25% tax on dividends and none of capital gains. A stock which pays

Suppose the costs of buying and selling shares is zero. You pay 25% tax on dividends and none of capital gains. A stock which pays a $0.15 dividend sells for $5.00 on the day before ex-dividend day, and for $4.90 on the ex-dividend day. How much arbitrage return can you make per share?

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