(Continue 1). The firm does not pay a dividend but it does buy back 40,000 shares at $50 per share.

a. The new stock price, after repurchase, will be $ ________________.

b. If the investor sells zero shares, the investor will have value of

$ _________________.

c. If the investor sells four shares, the investor will have value of

$ _____________. The tax basis of the stock is $50 per share.

d. (Continue c). Now assume the tax basis is $40. The investor will have value of $ _____________.