Calculate percentage of the founder family votes

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Reference no: EM1366770

Rust Pipe Corporation was established in 1985. Four years later the company went public. At that time, Robert Rust, the real owner, decided to establish 2-classes of stock. The 1st represents Class A founders' stock and is entitled to ten-votes each share. The normally traded common stock, designated as Class B, is entitled to one vote per share. In late 2001, Mr. Steele was considering purchasing shares in Rust Pipe Co. While he knew the existence of founders' shares were not often present in other companies, he decided to buy the shares anyway because of a new technology Rust Pipe had developed to improve the flow of liquids through pipes.
Of the 1,200,000 total shares currently outstanding, the original founder's family owns 51,325 shares. What is the percentage of the founder's family votes to Class B votes?

Reference no: EM1366770

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