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Cash Mart Inc. has one asset: $100. The company is all equity financed with 100 shares outstanding. There are 10 shareholders who each hold 10 shares. Cash Mart announces a stock repurchase. It will buy one share from each shareholder. (This symmetry is unnecessary but makes every shareholder identical.) What is the stock price after the repurchase if the company pays $1.38 for each repurchased share?
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