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A company with 2 0 0 million shares outstanding and no debt plans to issue permanent debt with a face value of $ 1 ,

A company with 200 million shares outstanding and no debt plans to issue permanent debt with a face value of $1,500 million in order to repurchase some of its shares. When this plan is announced, the company's share price jumps from $11.41 to $13.86. What is the company's tax rate, if we assume that its savings from debt tax shields are as risky as its debt? (Express your answer as a fraction rounded to four decimal places. For example, if your answer is 34.56%, you should enter 0.3456 as your answer.)

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