Answer:
620,000
Explanation:
To solve this problem, we need to find the number of outstanding shares given the market capitalization and the price per share.
Given information:
- The market capitalization of Inter Technology Corp. is $5,580,000.
- The most recent trade price per share is $9.00.
The market capitalization of a company is calculated by multiplying the total number of outstanding shares by the price per share.
Market capitalization = Total number of outstanding shares × Price per share
Rearranging the equation, we can find the total number of outstanding shares:
Total number of outstanding shares = Market capitalization / Price per share
Substituting the given values, we get
- Total number of outstanding shares = $5,580,000 / $9.00
- Total number of outstanding shares = 620,000
Therefore, Inter Technology Corp. has 620,000 shares of stock outstanding.
