A man owned 75 shares of stock worth $50 each. The corporation declared a dividend of 8%, payable in stock. How many shares did he own?

The new amount of shares is 75(1.08). Use your calculator for that.

Can you show your work on how you came to this conclusion?

To find out how many shares the man owned, we need to use the information provided and follow these steps:

Step 1: Calculate the value of the dividend per share.
The dividend declared is 8% of the stock value. So, we multiply the stock value by 8% (0.08) to get the dividend per share:
Dividend per share = $50 * 0.08 = $4

Step 2: Calculate the total value of the dividend.
The man owned 75 shares of the stock, so we multiply the dividend per share by the number of shares:
Total dividend value = Dividend per share * Number of shares = $4 * 75 = $300

Step 3: Calculate the number of shares received as a dividend.
Since the dividend is paid in stock, we need to divide the total dividend value by the stock value per share:
Number of shares received = Total dividend value / Stock value per share = $300 / $50 = 6 shares

Therefore, the man would receive 6 shares as a dividend, in addition to the 75 shares he already owned. In total, he would own 75 + 6 = 81 shares.