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Pastel Interiors is an all-equity firm with 17,200 shares of stock outstanding and the market value of the firm's equity is equal to the market
Pastel Interiors is an all-equity firm with 17,200 shares of stock outstanding and the market value of the firm's equity is equal to the market value of its total assets. Instead of a dividend of $1.85 per shake, the company has announced a share repurchase of $44,344 worth of stock. How many shares will be outstanding and what will be the share price after the repurchase? (round to the nearest whole share)
Market value of cash = $43,232; market value of fixed assets = $620,000; total market value of assets = $663,232
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