Albany Motors Recently Completed a 3-For-1 Stock Split

question 3

Multiple Choice

Albany Motors recently completed a 3-for-1 stock split. Prior to the split, the company had 10 million shares outstanding and its stock price was $150 per share. After the split, the total market value of the company's stock equaled $1.5 billion. What was the price of the company's stock following the stock split?

• A) $ 15
• B) $ 45
• C) $ 50
• D) $150
• E) $450

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