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chronicle is an all equity firm with 50 million shares outstanding. chronicle has $75 million in cash and expects future free cash flows of$30 million

chronicle is an all equity firm with 50 million shares outstanding. chronicle has $75 million in cash and expects future free cash flows of$30 million per year. management plans to use the cash to expand the firm's operations, which will in turn increase future free cash flows to $36 million per year. if the cost of capital of chronicle's investments is 12%, how would a decision to use the cash for a share repurchase rather than the expansion change the share price?

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