Question

James hayes owns 510 shares of ohio utility preferred stock. if this preferred stock issue pays $3.50 per share, what is the total dollar amount mr. hayes will receive in one year? (omit the "$" sign in your response.)

Answer 1

The total amount of money that Mr. Hayes will receive in a year due to the number of shares in a utility is calculated by multiplying the number of shares and the amount issued per shared. That is,

    T = Cn

where n is the number of shares and C is the amount per share. Substituting the known values,

  T = (510 shares)($3.50 / share)
    T = $1785

ANSWER: 1785