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A firm has a market value equal to its book value. Currently, the firm has excess cash of $1,300, other assets of $7,700, and equity
A firm has a market value equal to its book value. Currently, the firm has excess cash of $1,300, other assets of $7,700, and equity of $9,000. The firm has 900 shares of stock outstanding and net income of $700. 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?
875 shares
815 shares
835 shares
855 shares
795 shares
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