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River Cruises is all-equity-financed with 50,000 shares. It now proposes to issue $250,000 of bonds and use the proceeds to repurchase 25,000 shares. Suppose an

River Cruises is all-equity-financed with 50,000 shares. It now proposes to issue $250,000 of bonds and use the proceeds to repurchase 25,000 shares. Suppose an investor currently holds 500 shares in the company but is

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