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A firm has a market value equal to its book value. Currently, the firm has excess cash of $900, other assets of $6,100, and equity
A firm has a market value equal to its book value. Currently, the firm has excess cash of $900, other assets of $6,100, and equity of $7,000. The firm has 700 shares of stock outstanding and net income of $900. The firm has decided to spend half of its excess cash on a share repurchase program. How many shares of stock will be outstanding after the stock repurchase is completed?
635 shares
655 shares
615 shares
675 shares
695 shares
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