IOTA is an all-equity firm with 50 million shares outstanding. It has $200 million in cash and expects future free cash flows of $75 million per year (with the next cash flow occurring in exactly one year's time). The Board of IOTA can either use all excess cash to repurchase shares or for expansion. Suppose that IOTA is able to invest the $200 million excess cash into a project that will increase the future free cash flows by 30% in year 1 (and cash flows stay constant at that level after year 1 ). This investment will not alter the risk of the business. IOTA's cost of capital is 10% and assume that capital markets are perfect. If you were advising the board, what course of action would you recommend? Should IOTA use the $200 million to expand or repurchase shares? Required: Firm value with expansion is $ million. (Provide your answer as an integer.) If the board decides to pursue the expansion, the stock price is \$ (Provide your answer with two decimal places. For example, 1.23). If the board decides to use the excess cash for repurchase, the stock price is $ (Provide your answer with two decimal places. For example, 1.23). Assume instead that the future free cash flows increase by g% in year 1 (and cash flows stay constant at that level after year 1). When this growth rate (g%) is % (Provide your answer with one decimal place. For example, 1.2), the Board should decide to repurchase, because