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Suppose Contrail Air, Inc. is going to repurchase$22,800 shares of stock. The market value Balance Sheet is provided below. Repurchase $22,800 Shares outstanding 12,000 Dividend

Suppose Contrail Air, Inc. is going to repurchase$22,800 shares of stock. The market value Balance Sheet is provided below.

Repurchase $22,800

Shares outstanding 12,000

Dividend per share $1.20

Market Value Balance Sheet

Cash $55,000 Equity$465,000

Fixed assets$410,000

Total $465,000 Total$465,000

What will the price per share be after the repurchase?

42.75

35.13

21.96

38.75

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