Problem

1.) Steve owned 942 shares of Graham Corporation. On January 3, a 5-for-4 split was announced. The stock was selling at \( \$ 56 \) per share before the split. How was Steve financially affected by the split?
\[
942 \times 5 / 4=
\]

Answer

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Answer

\( 1177.5 \)

Steps

Step 1 :\( 942 \times \frac{5}{4} \)

Step 2 :\( \frac{4710}{4} \)

Step 3 :\( 1177.5 \)

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