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Suppose Microsoft has 7.11 billion shares outstanding and pays a marginal corporate tax rate of 21%. If Microsoft announces that it will pay out $53
Suppose Microsoft has 7.11 billion shares outstanding and pays a marginal corporate tax rate of 21%. If Microsoft announces that it will pay out $53 billion in cash to investors through a combination of a special dividend and a share repurchase, and if investors had previously assumed Microsoft would retain this excess cash permanently, by how much will Microsoft's share price change upon the announcement? The share price will change by $| per share. (Round to the nearest cent.)
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