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

Question

Use the information below to answer the question that follows:

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

B)

₦30,000