Pump Water is a firm that exists in a world of almost perfect capital markets, where the only imperfection is the presence of corporate taxes. There exists federal government bonds in this world that currently yield a rate of return of 2.5% per annum compounded annually for all maturities. Like all other firms in this world, Pump Water pays corporate taxes on its profits to this government at a marginal rate of 40.0%. After having recently completed a leveraged recapitalization where it converted from being an all-equity firm to one that is now 57.0% financed by debt, shares of Pump Water currently trade at a price of $46.55 each. The debt that was used to finance the leveraged recapitalization was issued at par and is expected to be a permanent part of the Pump Water's capital structure going forward (such that the company will only ever pay interest on this debt and never pay off the principal). Pump Water's annual operating income is expected to be constant for the foreseeable future. A) What was the price per share of Pump Water before its recent leveraged recapitalization? per share. The price of Pump Water prior to its recent leveraged recapitalization was $ 47.664 (Round your answer to three decimal places) Your last answer was interpreted as follows: 47.664 Incorrect answer. There is no hint provided for this former exam question, other than the suggestion that you should first learn how to calculate the correct post-recapitalization share price when starting from an an unlevered firm before attempting to work backwards in a question such as this one