Murphy's, Inc., has 32,650 shares of stock outstanding with a par value of $1 per share. The market value is $14 per share. The balance sheet shows $89,250 in the capital in excess of par account, $32,650 in the common stock account, and $161,950 in the retained earnings account. The firm just announced a stock dividend of 12 percent. What will the market price per share be after the dividend?

Multiple Choice

• $14.39

• $12.50

• $14.00

• $13.39

• $13.50