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Shares outstanding 8,700,000 Share price $46.50 Purchase price of land $65,000,000 Perpetual earnings increase $14,000,000 Current cost of capital 12.50% Cost of new debt 8%

Shares outstanding 8,700,000 Share price $46.50 Purchase price of land $65,000,000 Perpetual earnings increase $14,000,000 Current cost of capital 12.50% Cost of new debt 8% Optimal equity weight 70% Optimal debt weight 30% Tax rate 21%

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