The Midnight Expresso Company is considering repurchasing shares of stock. It currently pays out $1.40 in dividends
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The Midnight Expresso Company is considering repurchasing shares of stock. It currently pays out $1.40 in dividends each year on its 2.2 million common shares. Midnight’s goal is to buy back sufficient shares of stock so that the same dollar amount is paid out in dividends, yet the dividends per share increase by 10% over its current level. How many shares must be repurchased to satisfy this goal?
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Related Book For 
Financial Management And Analysis (Frank J. Fabozzi Series)
ISBN: 9780471477617
2nd Edition
Authors: Frank J. Fabozzi, Pamela P. Peterson
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