Here is the summary of the deal that AT&T proposed to Time Warner:

Time Warner shareholders will receive $107.50 per share under the terms of the merger, comprised of $53.75 per share in cash and $53.75 per share in AT&T stock. The stock portion will be subject to a collar such that Time Warner shareholders will receive 1.437 AT&T shares if AT&Ts average stock price is below $37.411 at closing and 1.3 AT&T shares if AT&Ts average stock price is above $41.349 at closing.

1. If the average stock price of AT&T is $39.522 before closing, how many shares of AT&T stock will one share of Time Warner receive?

2. If the average stock price of AT&T is $42 before closing, how many shares of AT&T stock will one share of Time Warner receive?

3. If the average stock price of AT&T is $32 before closing, how many shares of AT&T stock will one share of Time Warner receive?