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Sphinx Brewery currently has no debt but plans to issue $36M of perpetual debt and repurchase an equal value of equity shares. The tax rate

Sphinx Brewery currently has no debt but plans to issue $36M of perpetual debt and repurchase an equal value of equity shares. The tax rate is 29%. Find the number of shares that will be repurchased if there are currently 2M shares outstanding with a total market value of $120M. 490,213 551,978 482,700 476,850 646,245

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