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Reynolds Resorts has no debt and 9.6 million shares priced at $25/share. Their tax rate is 30%. If Reynolds Resorts announces they are going to
Reynolds Resorts has no debt and 9.6 million shares priced at $25/share. Their tax rate is 30%. If Reynolds Resorts announces they are going to borrow $80 million of perpetual debt at 7.5% interest and use the money to repurchase shares, what will the new share price be after the repurchase? Please enter your answer in dollars to two (2) decimal places (no commas or dollar signs). For example, enter $76.52 as 76.52
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