A firm has a market value equal to its book value. Currently, the firm has excess cash of $200 and other assets of $5,300. Equity is worth $5,500. The firm has 550 shares of stock outstanding and net income of $1,300. The firm has decided to spend all of its excess cash on a share repurchase program. How many shares of stock will be outstanding after the stock repurchase is completed?

Multiple Choice

• 530 shares

• 520 shares

• 540 shares

• 560 shares

• 550 shares