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New Edge has 48,000 shares of stock outstanding with a par value of $1 per share and a market value of $15 a share. The

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New Edge has 48,000 shares of stock outstanding with a par value of $1 per share and a market value of $15 a share. The company just announced a reverse stock split of three-for-eight. Currently, you own 500 shares of this stock. What will be the total value of your shares after the reverse stock split? Show your computations

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