Twelve Days Ago,ANZ Bank Declared a Dividend of $1

question 44

Multiple Choice

Twelve days ago,ANZ bank declared a dividend of $1.34 a share.The ex-dividend date is tomorrow.All else constant,which one of the following is the best estimate of ANZ's opening share price tomorrow?

• A)$1.34 lower than today's closing price
• B)the same as today's closing price since the dividend is expected
• C)today's closing price minus an amount approximately equal to the after-tax value of the dividend
• D)$1.34 higher than today's closing price
• E)today's closing price plus an amount approximately equal to the after-tax value of the dividend

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