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A firm has a total market value of assets of $100 million, of which $10 million is in cash. It has debt of $25 million.

A firm has a total market value of assets of $100 million, of which $10 million is in cash. It has debt of $25 million. If the firm were to pay $5 million cash dividend, what would the new price per share be? There are 4.5 million shares outstanding.

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