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Glendale Paving currently has 4 5 , 0 0 0 shares of stock outstanding that sell for $ 3 8 per share. Assume no market

Glendale Paving currently has

45, 000

shares of stock outstanding

that sell for $

38

per share. Assume no market imperfections or tax

effects exist. What will be the new share price if the firm

declares a stock dividend of

22

percent?

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