General Manufacturing Company (GMC) follows a policy of paying out 30% of its net income as dividends to its shareholders each year. The company plans to do so again this year, during which GMC earned $100 million in net profits after tax. The company has 35 million shares outstanding.
What is the company's dividend payment per share this year? Round your answer to two decimal places.
$
Assuming that GMC's stock price is $54 per share immediately before its ex-dividend date, what is the expected price of GMC stock on the ex-dividend date if there are no personal taxes on dividend income received? Round your answer to two decimal places.
$