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Taunton's is an all-equity firm that has 156,000 shares of stock outstanding. The CFO is considering borrowing $293,000 at 8 percent interest to repurchase 25,000

Taunton's is an all-equity firm that has 156,000 shares of stock outstanding. The CFO is considering borrowing $293,000 at 8 percent interest to repurchase 25,000 shares. Ignoring taxes, what is the value of the firm?

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