Letto and Sons Has a Market Value Equal to Its

Letto and Sons has a market value equal to its book value. Currently, the firm has excess cash of $250 and other assets of $16,800. Equity is worth $9,500. Letto has 300 shares of stock
Outstanding and net income of $550. What will the stock price per share be if the firm pays out its
Excess cash as a cash dividend?

A) $29.67
B) $30.83
C) $31.04
D) $32.11
E) $32.67