Murphy's, Incorporated, has 31,800 shares of stock outstanding with a par value of $1 per share. The market value is $12 per share. The balance sheet shows $87,550 in the capital in excess of par account, $31,800 in the common stock account, and $144,950 in the retained earnings account. The firm just announced a stock dividend of 14 percent. What will the market price per share be after the dividend?

Multiple Choice

• $12.00

• $11.40

• $12.40

• $10.53

• $11.53