There are three seats on the board of directors of MMT$,$ Incorporated, up for election. The firm has $175,000$ shares of stock outstanding and uses cumulative voting. Each share is granted one vote per open seat. You currently own $10,000$ shares that have a market value of $$23$ each. How much must you spend, if anything, to acquire sufficient shares to guarantee your election to the board? Assume no one else votes for you.

Correct answer:

$$776,273$