Murphy's, Incorporated, has 31,700 shares of stock outstanding with a par value of $1 per share. The market value is $10 per share. The balance sheet shows $87,350 in the capital in excess of par account, $31,700 in the common stock account, and $142,950 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

$8.93

$10.00

$10.82

$9.93

$9.82