Braxton Enterprises has made a before-tax profit of $300 million. The firm has no debt and 100 million shares outstanding, with a current market price of $15 per share. Braxtons board is currently deciding whether to pay out this profit to shareholders through a dividend or a one-time share repurchase.

1. If the board chooses to pay a dividend, what is the ex-dividend price of the shares in a perfect capital market with no taxes?

2. If the board instead chooses to use the cash to do a one-time share repurchase, in a perfect capital market with no taxes, what is the price of the shares once the repurchase is complete?