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On March 5, 2018, the board of directors of XYZ Ltd. met and declared a...

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Finance

On March 5, 2018, the board of directors of XYZ Ltd. met and declared a regular quarterly dividend of $1.50 per share plus an extra dividend $0.50 per share payable to the holder-of-record on April 19, 2018 (Thursday). Payment was to be made on May 10, 2018. Answer the following:

(a) Identify the four dividend dates.

(b) If stock was selling for $42.00 on April 16, 2018, which is one day before the ex-dividend date, and average effective tax rate on dividends of the firms shareholders was 30%, what would be the price on April 17, 2018 which is the ex-dividend date?

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