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Suppose Cisco Systems pays no dividends but spent $5.08 billion on share repurchases last year. If Ciscos equity cost of capital is 12.8%, and if

Suppose Cisco Systems pays no dividends but spent $5.08 billion on share repurchases last year. If Ciscos equity cost of capital is 12.8%, and if the amount spent on repurchases is expected to grow by 8.9% per year, estimate Ciscos market capitalization. If Cisco has 6.4 billion shares outstanding, to what stock price does this correspond?

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