Wyatt Inc has announced a $3.75 dividend. If Wyatt's last price while trading cum-dividend is $52.75, what should its first ex-dividend price (in

dollars) be (assuming perfect capital markets)?

[Type only the final answer into the response box below (NOT into the Notes box) and in pure numeric format. Do NOT use %/S signs,

commas or spaces (e.g. only enter 10 if it is 10 days/$10/10%)|