The Formula for Determining the Minimum Number of Shares Required

The formula for determining the minimum number of shares required to elect a desired number of directors under cumulative voting is _____ where X = number of shares needed to elect the desired number of directors,S = total number of shares voting at the shareholders' meeting,R = number of director representatives desired,and D = total number of directors to be elected at the meeting.

A) X - 1 = (S × R) /(D + 1)
B) X = (S × R) /(D - 1)
C) X - 1 = (S × R) /(D - 1)
D) X = (S × R) /(D + 1)