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1 6 - 5 . Lee Manufacturing's value of operations is equal to $ 9 0 0 million after a recapitalization. ( The firm had

16-5. Lee Manufacturing's value of operations is equal to $900 million after a recapitalization. (The firm had no debt before the recap.) Lee raised $300 million in new debt and used this to buy back stock. Lee had no short-term investments before or after the recap. After the recap, wd=13. The firm had 30 million shares before the recap. What is P(the stock price after the recap)?
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