The shares of Bank of Montreal trade today for $73. The company is fairly valued at this current price. There are 32 million shares outstanding prior to the repurchase.

The company has announced that it intends to spend $250 million on a stock repurchase. Assume that the company is able to repurchase shares at a price of $76.00. Assume that the company is all equity financed.

a. What fraction of shares does the company repurchase in percent?

Enter your answer as a percent to 2 decimal places. i.e. 0.1002 should be answered as 10.02. Also, do not include symbols (%,$) in your answer.

b. What is the share price after the repurchase?

Enter your answer to 2 decimal places. i.e. 10.022 should be answered as 10.02. Also, do not include symbols (%,$) in your answer.