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New Debt P PV Tax Shield 2 Market Value of Equity # shares St. Price 2b New Mkt Value of Equity # Shares Repurchased 2c

New Debt P PV Tax Shield 2 Market Value of Equity # shares St. Price 2b New Mkt Value of Equity # Shares Repurchased 2c New Share Price Shares Outstanding 3 Book Debt/Equity

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