3) Chronicle is an all-equity firm with 50 million shares outstanding. Chronicle has $75 million in cash and expects future free cash flows of $30 million per year. Management plans to use the cash to expand the firm's operations, which will in turn increase future free cash flows to $36 million per year. If the cost of capital of Chronicle's investments is 12%, how would a decision to use the cash for a share repurchase rather than the expansion change the share price