The price of a share is $15.00 on 16 July 2022. The ex-dividend date for a $0.50 dividend is 10 July 2022. If there are no taxes on dividends, what would you expect the price of a share to be on 10 July? Assume that no other information that could change the price of a share arises.

The share price will be:

a.

$14.50

b.

$14.00

c.

$13.00

d.

$13.50