The shareholders of the Pickwick Paper Company need to elect four directors. There are 400,000 shares outstanding. a. What is the minimum number of shares you need to own to ensure that you can elect at least one director if the company has majority voting?

Number of shares _____

What is the minimum number of shares you need to own to ensure that you can elect at least one director if the company has cumulative voting? (Round your answer to the nearest whole number.)

Number of shares ______