The Toronto Exchange published the following dividend announcement:

Payment ($) Dividend Date Y Inc. .27

When Payable : June 5

Shareholders of Record: May 22

Ex : May 20

What is the last date on which an investor may purchase shares of Y Inc. and still receive the dividend? Assume that all days are business days.

a) May 19

b) May 20

c) May 21

d) May 22