Consider the following three tickets: ticket A pays $10 if ____ is elected as president, ticket B
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Consider the following three tickets: ticket A pays $10 if ____ is elected as president, ticket B pays $10 if ____ is elected, and ticket C pays $10 if neither is elected. (Fill in the blanks yourself.) Could the three tickets sell for less than the present value of $10? Could they sell for more? Try auctioning off the tickets. What are the implications for MM’s proposition I?
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Assume the election is near so that we can safely ignore the ...View the full answer
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Related Book For 
Principles of Corporate Finance
ISBN: 978-0072869460
7th edition
Authors: Richard A. Brealey, Stewart C. Myers
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