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Top O'the Morning Inc., has declared a $5 per-share dividend. Suppose capital gains are not taxed, but dividends are taxed at 17%. New IRS regulations

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Top O'the Morning Inc., has declared a $5 per-share dividend. Suppose capital gains are not taxed, but dividends are taxed at 17%. New IRS regulations require that taxes be withheld at the time the dividend is paid. Top O'the Morning sells for $59.69 per share, and the stock is about to go ex-dividend. What will be the ex-dividend price? (Round answer to 2 decimal places. Do not round intermediate calculations)

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