Question 14 Muffin Top is an all equity financed company with 1,000 shares outstanding It earns $15,000 p.a. and announces that it will use all its earnings to repurchase its shares on the market instead of paying dividends. Calculate the number of shares outstanding at the end of year if the required rate o return for shareholders is 5% p.a. 950 O 934 0967 0908 O 926