You own 20% of Hi-tek Company stock. The stock sold for $96 per share before a...
You own 20% of Hi-tek Company stock. The stock sold for $96 per share before a planned 3-for-2 stock split. Before the split, there were 320,000 shares outstanding. How many shares of stock will you own after the stock split?
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Homework Answers
ANS: Calculation of number of shares owned after the stock split of Hi- Tek Company
No. of shares held = 20% of Company's shares
= 320000 shares * 20%
= 64000 shares
Stock split into 3:2 ratio
So, No. of shares held after split of Hi-tek Company = (64000 shares * 3) / 2
= 96000 shares owned after split
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