City Center Pharmacy has 24,500 shares of stock outstanding with a par value of $1 per share and a market value of $18.90 per share. The company just announced a reverse stock split of 3-for-5. What will be the market value per share after the reverse stock split?

a.

$11.34

Market value per share = $18.90(5/3) Market value per share = $31.50

b.

$12.67

c.

$23.33

d.

$31.50

e.

$33.14