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Aaron purchased 500 shares of KMP stock on May 8. On May 16, he purchased another 200 shares and then on May 20 he purchased a final 100 shares of KMP stock. The company declared a dividend of $.94 a share on May 6 to holders of record on Friday, May 22. The dividend is payable on June 12. How much dividend income will Steve receive on June 12?

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akindeleot

Answer:

Steve will receive $752 dividend income on June 12.

Explanation:

=> Dividend is declared on May 6 to holders of record on Friday, May 22.

=> Aaron shares purchased before May 22 are:

500 shares on May 8

200 shares on May 16

100 shares on May 20

∴ 800 shares  in total

Aaron is having Total 800 Shares as on May 22. So he will receive Dividend for 800 shares.

since Dividend per share = $0.94 , therefore

Total Dividend = 0.94 x Total share ==> 0.94 x 800  

Total dividend = $752

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