Mr. Meyers wishes to know how many shares are necessary to elect 3 directors out of 11 directors up for election in the Austin Power Company. There are 71,000 shares outstanding.

Mr. Meyers wishes to know how many shares are necessary to elect 3 directors out of 11 directors up for election in the Austin Power Company. There are 71,000 shares outstanding. (Do not round intermediate calculations.)

  
 

Number of shares

 
Explanation:

Shares required	=	(Number of directors desired) × (Total number of shares outstanding)			+ 1
		Total number of directors to be elected + 1
	=	3 × 71,000	+ 1
		11 + 1
	=	17,751 shares