Crane, Inc., completed a ten-for-one stock split on January 22, 2014. Immediately before the stock split there were 120.59 million shares outstanding at a price of $864 per share.

1. After the split how many shares were outstanding? (Round answer to 2 decimal places, e.g. 1,245.04.) After the split, there would be _________ million shares outstanding.

2. What price would you expect them trade? (Round answer to 2 decimal places, e.g. 1,245.04.) Each share would trade at______$ .

3. Did the stock split cause any substantial change for Crane or the investors? The stock split does or does not cause any substantial change for Crane or the investors.

4. Why would Crane management choose to split the companys stock? Crane may choose to split the companys stock in order to increase or reduce the per share price making it more or less affordable for investors to purchase round lots.