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9. The board of directors of McKay Company has approved a 20% stock dividend. The firm currently has net income of $900,000. There are 300,000

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9. The board of directors of McKay Company has approved a 20% stock dividend. The firm currently has net income of $900,000. There are 300,000 common shares outstanding and the stock has a P/E ratio of 8. What will be the firm's common stock price after the stock dividend? a) $24 c) $3 e) $2.50 b) $37.50 $20

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