Use the information below to answer questions Maro Merchant Bank plc is to issue N500,000 ordinary shares of 50k each at N 3.00 per share. Applications were received for N1,550,000 shares fully paid, N1,250,000 shares are to be issued on a pro rata basis and excess subscriptions were dishonored and refunds made?

What will be the number of shares to be issued to a subscriber who applied for N30,000 shares?

• A N20,000
• B N18,000
• C N15,000
• D N12,000