| December 7, 2015

Columbia Company earned $880 million last year and paid out 25% of earnings in dividends. There were 150 million shares of stock outstanding at a price of $65 per share. By how much did the company’s retained earnings increase?

a) $220 million (I already know this is not the answer)

b) $440 million

c) $660 million

d) Approx $1.50 per share

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