On January 2, Michigan Mining declared a $2-per-share quarterly dividend payable on March 9^th to stockholders of record on Friday, February 9. What is the latest date by which you could purchase the stock and still get the recently declared dividend? A)February 5 B)February 6 C)February 7 D)February 8

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Quizplus · Accepted Answer

To receive the declared dividend, you must purchase the stock before the ex-dividend date, which is typically two business days before the record date. Since the record date is February 9 (a Friday), the ex-dividend date would be February 7 (Wednesday). Therefore, the latest you could purchase the stock and still receive the dividend would be February 6, the day before the ex-dividend date.

On January 2, Michigan Mining Declared a $2-Per-Share Quarterly Dividend