Answer:
The value of your portfolio on May 3 is $16,058.
Explanation:
Since it is assumed that there is no tax, the value of a share on ex-dividend date is the current share per share minus the announced dividend per share share. Therefore, we have:
Price per share on ex-dividend date = Current share per share - Announced dividend per share share = $55 - $3.20 = $51.80
Therefore, the value of your portfolio on May 3 which is the ex-dividend date can be calculated as follows:
Portfolio value on May 3 = Number of shares owned * Price per share on ex-dividend date = 310 * $51.80 = $16,058
Therefore, the value of your portfolio on May 3 is $16,058.
