Jensen Shipping Has 38,400 Shares Outstanding and Uses Cumulative Voting

Multiple Choice

Jensen Shipping has 38,400 shares outstanding and uses cumulative voting. The firm grants one vote for each share of common stock. What is the minimum number of votes required to obtain a seat on the board of directors if there are three open seats?

A) 12,800
B) 9,600
C) 12,801
D) 9,601
E) 19,201