The stock open at tomorrow morning at a price of $59.27
Ex-dividend price = Dividend price today-After tax dividend to be paid
59.60 - 15% of 2.20
59.60 - 0.33
= $59.27
The price of a share reflects the cost of dividing dividend income, which is paid by stockholders selling their shares. Commonly referred to as the cu.m-dividend price, this is the price at which a business's stocks move between the date the company announces dividends and the ex-dividend date.
Buying a security just before the ex-dividend date shouldn't result in any gains because the price of the investment declines by roughly the same amount as the dividend. Similar to this, investors who purchase a share on or after the ex-dividend date receive a "discount" on the price of the asset to make up for the dividend they would not be receiving.
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