16.1 Price per share will stay at $10, so with $350,000, River Cruises can repurchase 35,000 shares,

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16.1 Price per share will stay at $10, so with $350,000, River Cruises can repurchase 35,000 shares, leaving 65,000 outstanding. The remaining value of equity will be $650,000. Overall firm value stays at $1 million. Shareholders' wealth is unchanged: They start with shares worth $1 million, receive $350,000, and retain shares worth $650,000.

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