Robinson's Has 12,000 Shares of Stock Outstanding with a Par

question 53

Multiple Choice

Robinson's has 12,000 shares of stock outstanding with a par value of $1 per share and a market price of $24.20 a share.The firm just announced a four-for-three stock split.What will the market price per share be after the split?

• A)$18.15
• B)$17.65
• C)$18.25
• D)$30.46
• E)$32.27

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