You are living in a country where stocks may be purchased with no transactions costs. You own 5,000 shares of Apple Inc, which has just announced that it will not pay any dividends this year. You are concerned because you would like to have received dividends of $2 per share (before taxes). You purchased Apple stock for $8 per share a few months ago. The price today is $12 per share. How many shares should you sell today to obtain the after-tax dividend proceeds that you wanted? Assume that taxes on capital gains are 30% and taxes on dividend income are 25%.

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