You are comparing the dividend policies of three dividend-paying utilities. You have collected the following information on the ex-dividend behavior of these firms. If you were a tax-exempt investor, what would be your arbitrage profit for each company ( in dollars per share)? Note: Arbitrage profit may come from buying or short selling. Enter a profit of 0 if both are unprofitable, otherwise enter the positive profit.

a) The arbitrage profit for ADV Gas & Electric is

	ADV Gas & Electric
Price Before	52
Price After	46
Dividends/Share	10

b) The arbitrage profit for JDY Power & Light is

	JDY Power & Light
Price Before	71
Price After	65
Dividends/Share	10

c) The arbitrage profit for FTC Adams is

	FTC Adams
Price Before	100
Price After	95
Dividends/Share	5