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Hotel Cortez is an all-quity firm that has 10,300 shares of stock outstanding at a market price of $32 per share. The firm's management has

Hotel Cortez is an all-quity firm that has 10,300 shares of stock outstanding at a market price of $32 per share. The firm's management has decided to issue $62,000 worth of debt and use the funds to repurchase shares of the outstanding stock. The interest rate on the debt will be 6 percent. What is the break-even EBIT? Muitiple Choice 512 521,424 516,951 513. 519776

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