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Suppose Contrail Air, Inc. is going to repurchase $22,800 shares of stock. The market value Balance Sheet is provided below. Repurchase $22,800...

Suppose Contrail Air, Inc. is going to repurchase $22,800 shares of stock. The market value Balance Sheet is provided below.


Repurchase $22,800

Shares outstanding 12,000

Dividend per share $1.20

  Market Value Balance Sheet

 


Cash $55,000    Equity   $465,000  

Fixed assets    $410,000  

Total   $465,000    Total $465,000 


What will the price per share be after the repurchase?

42.75

35.13

21.96

38.75

 

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