Bill owns shares in Batley Equipment. Batley does not have any positive NPV projects and $100,000 in excess cash that it intends to retum to shareholders. Bill's ordinary income tax rate is 10% and the capital gains tax rate is 25%. Bill prefers that Batley use the $100,000 to repurchase shares of stock instead of paying a cash dividend. Why might Bill prefer the repurchase? The capital gains tax rate is lower on a stock repurchase Bill wants Batley to lssue more shares of stock Bili can choose whether or not to participate in the repurchase Bill wants the company to have the cash avallable to invest