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A corporation has 500,000 shares of 10%, $20 par-value preferred stock outstanding that can be converted into common stock. The conversion ratio is three shares

A corporation has 500,000 shares of 10%, $20 par-value preferred stock outstanding that can be converted into common stock. The conversion ratio is three shares of common stock for each share of preferred stock surrendered. A stockholder can convert 500 shares of preferred stock into how many shares of common stock?

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