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Use the information below to answer the question that follows:s Maro Merchant Ba...


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Use the information below to answer the question that follows:s

Maro Merchant Bank plc is to issue ₦500,000 ordinary shares of 50k each at ₦3.00 per share.

Applications were received for ₦1,550,000 shares fully paid, ₦1,250,000 shares are to be issued on a pro rata basis and excess subscriptions were dishonored and refunds made?

The refund due to an application for ₦25,000 shares is?

Options

A) ₦45,000

B) ₦30,000

C) ₦7,500

D) ₦5,000

The correct answer is B.


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