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13. Gradient Inc. is unlevered, is valued at $2M and has 50,000 shares outstanding. The company announces that in the near future it will issue

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13. Gradient Inc. is unlevered, is valued at $2M and has 50,000 shares outstanding. The company announces that in the near future it will issue $15M of debt and buy back $500,000 of stock. Consider the debt to be in perpetuity and have an interest rate of 4%. If the firm is in the 25% tax bracket, how many shares of stock will be purchased

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