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Consider two firms, Emma and Belly, that have identical assets that generate identical cash flows. Belly is an all- equity firm, with 1 million shares

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Consider two firms, Emma and Belly, that have identical assets that generate identical cash flows. Belly is an all- equity firm, with 1 million shares outstanding that trade for a price of $24 per share. Emma has 2 million shares outstanding and $8 million dollars in debt at an interest rate of 5% According to MM Proposition 1, the stock price for Emma is closest to

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