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The question states that Elfu co has 400 million 25c shares trading at 120c, I took that as 400/.25 × 1.2 = 1,920m but the answer is given as MVd of 480m which is just 400m × 1.2?
But the question specifically says that there are 400 million shares!!
(What you were doing would only be correct if the question had said that the total nominal value of the shares was $400 million 🙂 )
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Thank you!
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