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Pearce & Company has 3 million shares of $20 par value common stock outstanding. The company believes that its current market price of $75 per

Pearce & Company has 3 million shares of $20 par value common stock outstanding. The company believes that its current market price of $75 per share is too high and decides to execute a 4-for-1 forward stock split to lower the price. How many shares (in millions) will be outstanding following the stock split, and what will be the new par value per share?

# of shares Par value
million per share

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