Company X has 100 shares outstanding. It earns $1059 per year and announces that it will use all of it to repurchase its shares in the open market instead of paying dividends. Calculate the number of shares outstanding at the end of year 1, after the first share repurchase, if the required rate of return is 10%. Hint: follow the following steps 1. calculate share price at beginning of year 2. calculate share price at end of year 3. calculate number of shares purchased 4. calculate number of shares left outstanding