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?

The refund due to an application for N25,000 shares is?

• A N45,000
• B N30,000
• C 7,500
• D N5,000