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A firm has a market value equal to its book value. Currently, the firm has excess cash of $800 and other assets of $5,200. Equity

A firm has a market value equal to its book value. Currently, the firm has excess cash of $800 and other assets of $5,200. Equity is worth $6,000. The firm has 600 shares of stock outstanding and net income of $700. 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?

Select one:

a. 500 shares

b. 510 shares

c. 520 shares

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