Problem:
After successfully completing your corporate finance class, you feel the next challenge ahead is to serve on the board of directors of Schenkel Enterprises. Unfortunately, you will be the only person voting for you.
Required:
Question: If Schenkel has 360,000 shares outstanding, and the stock currently sells for $37, how much will it cost you to buy a seat if the company uses straight voting?
Note: Show supporting computations in good form.