Q 17.37. Estimate how PepsiCo's value would have changed in 2003 if it had announced that it

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Q 17.37. Estimate how PepsiCo's value would have changed in 2003 if it had announced that it planned to take on and maintain an additional $10 billion in debt in order to repurchase equity. Assume that cor- porate income taxes are the only market imperfection and that its marginal tax rate would not have been affected.

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