The stock of Red's Hardware closed at $56.60 per share today. Tomorrow morning, the stock goes ex dividend paying a dividend of $1.60 per share. The tax rate on dividends is 15 percent. All else the...

The stock of Red's Hardware closed at $56.60 per share today. Tomorrow morning, the stock goes ex dividend paying a dividend of $1.60 per share. The tax rate on dividends is 15 percent. All else the same, what price will the stock open at tomorrow morning?