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sergejj [24]
3 years ago
8

LC Delivery has decided to sell 1,800 shares of stock through a Dutch auction. The bids received are as follows: 600 shares at $

37 a share, 800 shares at $36, 900 shares at $35, 200 shares at $34, and 100 shares at $32 a share. How much will the company receive in total from selling the 1,800 shares? Ignore all transaction and flotation costs.

Business
1 answer:
valkas [14]3 years ago
4 0

Answer:

$63,000

Explanation:

At a Price of $35, LC Delivery have sold their 1,800 shares. So, D and E are out.

But at a Price of $35 there is a demand of 2,300 shares. So, by using Dutch auction method LC Delivery can allocate their 1,800 shares among the first 3 bidders as follows:

= 1800 / 2300

= 0.7826

or

78.26%

So, in this case all the bidders A, B and C gets 78.26% shares for what they bid for as follows:

78.26% of 600 shares at $35 per share = $16,450

78.26% of 800 shares at $35 per share = $21,910

78.26% of 900 shares at $35 per share = $24,640

So, LC Delivery will receive in total $63,000 by selling 1,800 shares.

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