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

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Finance

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
38.75
21.96
35.13

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