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Jam llc unexpectedly executed a share buy-back. Before the buy-back the number of outstanding shares was 11,123,000, the market price of one share was $2.04 and the return on levered equity was 12.00%. The return on levered equity after the buy-back is 14.12%. The debt amount was $18,500,000. Also, the company has kept a constant debt level before and after the buy-back. The corporate tax rate is 35% the cost of debt is 2.45% and the return on unlevered equity is not aected by the buy-back.
How many shares were bought back? The answer is 4,344,316 (I posted this answer 2 timee and the answer given was incorrect. Please do not reply until the answer 4,344,316 is reached)
The value of a bond is its stated face value or maturity value, and its coupon interest rate is the stated annual interest rate on the bond. The maturity date is the date on which the par value must be repaid. Because sinking fund provisions facilita..
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