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Hi, in the step 3 of your solution to problem 23 of chapter 4 (stocks) of the Principles of Corporate Finance by Brealey, you use

Hi,

in the step 3 of your solution to problem 23 of chapter 4 (stocks) of the Principles of Corporate Finance by Brealey, you use the number 31. Where did the 31 come from?

Thank you.

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