QUESTION 24 Lee Manufacturing's value of operations is equal to $900 million after a recapitalization (the firm had no debt before the recap). Lee raised $300 million in new debt and used this to buy back stock Lee had no short-term investments before or after the recap. After the recap, wd = 1/3. The firm had 30 million shares before the recap. What is P (the stock price per share after the recap)? $20 527 $30 560 $17 QUESTION 25 Which of the following conditions is NOT true at the optimal capital structure? Marginal benefit marginal cost All of these conditions are true at the optimal capital structure. Value is maximized WACC is minimized Firm debt is zero