Problem #$3.$ Suppose a firm has $800,000$ shares of stock currently outstanding. Each share currently has a true value of $$20.$ Suppose the firm uses excess internal cash to repurchase $200,000$ shares of stock at the following prices: $$25,$ $$20,$ and $$15.$ What will be the effect of each of these alternative repurchase prices on the long$-$run market price of the shares after the repurchase assuming that in the long$-$run the market price for the stock will reflect the stock$$s true value? $($Ignore issues such as taxation and transactions costs$)$