Assume that company A wants to boost its stock price. The company currently has

$10$ million shares outstanding with a market price of $$29$ per share and no debt. A

has had consistently stable earnings, and pays a $20\%$ tax rate. Management plans to

borrow $$45$ million on a permanent basis and they will use the borrowed funds to

repurchase outstanding shares. If A can repurchase at the current price of $$29$ per

share, what will the stock price be after the repurchase $($keep two decimal places and

assume that the new borrowing will not have any negative effects$)?$