Betsy Ross owns 918 shares in the Hanson Fabrics Company. There are 11 directors

Question

Betsy Ross owns 918 shares in the Hanson Fabrics Company. There are 11 directors to be elected, and 32,000 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.)
  

b. How many votes does Betsy control? (Do not round intermediate calculations and round your answer to the nearest whole number.)
  

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.)
  

Explanation / Answer

No. of votes = Number of shares*number of directors to be elected.

Total votes = 32000*11 = 352000

b.

Votes in Betsy control = 918*11 = 10098

c.

% shares = 10098/352000 = 0.0287 = 2.87%

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