Alfonzo's Italian House has 25,000 shares of stock outstanding with a par value of $1 per share and a market price of $36 a share. The firm just announced a 5-for-3 stock split. What will the market price per share be after the split?
A) $21.60
B) $24.20
C) $36.00
D) $54.00
E) $60.00
Correct Answer:
Verified
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