Brady inherited 1,000 shares of LNM, Inc. The stock is selling in the market for $177 per share and the company is contemplating a 2-for-6 stock split. Given this information, which of the following statements is correct?
A) Brady will have 3,000 shares and stock's price will be near $531.
B) Brady will have 3,000 shares and stock's price will be near $59.
C) Brady will have 333.33 shares and stock's price will be near $531.
D) Brady will have 333.33 shares and stock's price will be near $59.
Correct Answer:
Verified
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