14-4)

The shareholders of the Pickwick Paper Company need to elect ten directors. There are 250,000 shares outstanding.

a.What is the minimum number of shares you need to own toensurethat you can elect at least one director if the company has majority voting?

Number of shares

b.What is the minimum number of shares you need to own toensurethat you can elect at least one director if the company has cumulative voting?(Round your answer to the nearest whole number.)

Number of shares