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1.) The Lone Star Co just issued $195,000 of perpetual 9 percent debt, and
used the proceeds to repurchase stock. The company expects to generate $83,
000 of earnings before interest and taxes in perpetuity The company expects
to distribute all its earnings as dividends at the end of each year. The
firms unlevered cost of capital is 15 percent, and the corporate tax rate is
40%.
REQUIRED:
a.) What is the value of the company as an unlevered firm? |
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