Betsy Ross owns 927 shares in the Hanson Fabrics Company. There are 15 directors

Question

Betsy Ross owns 927 shares in the Hanson Fabrics Company. There are 15 directors to be elected. There are 33,500 shares outstanding. The firm has adopted cumulative voting. a. How many total votes can be cast? (Do not round intermediate calculations and round your answer to the nearest whole number.) Total votes b. How many votes does Betsy control? (Do not round intermediate calculations and round your answer to the nearest whole number.) Votes c. What percentage of the total votes does she control? (Do not round intermediate calculations. Input your answer as a percent rounded to 2 decimal places.) Percentage of votes %

Explanation / Answer

A) since, cummulative voting system is adopted any one can vote for the whole 15 directors. so maximum number of votes can be 33,500 * 15 = 5,02,500

B) Number of votes that besty control = 927 * 15 = 13,905

c) % of control of total votes by besty = 13905/502500

= 2.78%

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