How many shares will agricorn repurchase

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Today is Jan 1. AgriCorn has  300 million shares outstanding and they are trading at $6.44. Last week,  AgriCorn Inc. paid out $50 million in dividends and repurchased $100  million worth of shares. Analysts expect AgriCorn's payouts to grow at  3% per annum in perpetuity. The next payouts will occur in  approximately one year. The dividends will be paid on Dec 29 and the  repurchase will occur on Dec 31. How many shares will AgriCorn  repurchase on Dec 31, assuming that it pays the fair price for those  shares? Investors require a return of 11%.

Reference no: EM13551362

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