$3.$ Tally Inc is an all$-$equity firm with assets worth $$25$ billion and $10$ billion shares outstanding. Tally plans to borrow $$10$ billion and use these funds to repurchase shares. The firm$$s marginal corporate tax is $35\%,$ and Tally plans to keep its outstanding debt equal to $$10$ billion permanently.

a$.$ Without the increase in leverage, what would Tally$$s share price be$?$

b$.$ Suppose Tally offers $$2\mathrm{.}75$ per share to repurchase its shares. Would shareholders sell for this price?

c$.$ Suppose Tally offers $$3\mathrm{.}00$ per share, and shareholders tender their shares at this price. What will Tally$$s share price be after the repurchase?

d$.$ What is the lowest price Tally can offer and have shareholders tender their shares? What will its stock price be after the share repurchase in that case?