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Top O the Morning Inc., has declared a $4 per-share dividend. Suppose capital gains are not taxed, but dividends are taxed at 18%. New IRS

Top O the Morning Inc., has declared a $4 per-share dividend. Suppose capital gains are not taxed, but dividends are taxed at 18%. New IRS regulations require that taxes be withheld at the time the dividend is paid. Top O the Morning sells for $65.32 per share, and the stock is about to go ex-dividend.

What will be the ex-dividend price? (Round answer to 2 decimal places)

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