You are required to provide answers to the following Question. The answers Must be in detail. All works should be "detailed with proper references".

1. After successfully completing your corporate finance class, you feel the next challenge ahead is to serve on the board of directors of Marine Enterprises. Unfortunately, you will be the only individual voting for you. If Marine Enterprises has 350,000 shares outstanding and the stock currently sells for $52, how much will it cost you to buy a seat if the company uses straight voting? Assume Marine Enterprises uses cumulative voting and there are five open seats in the current election; how much will it cost you to buy a seat now? Which method cost you more to buy a seat and why some states in USA make it mandatory for corporation to use cumulative voting instead of straight voting? Note: Your answers should be detailed with proper references