19. AT.T's has 250,000 shares of stock outstanding, $400,000 in perpetual
annual earnings, and a discount rate of 16 percent. The firm is
considering a new project that has initial costs of $550,000 and annual
perpetual cash flows of $60,000. How many new shares must be issued
to fund the new project? Ignore taxes.
(A) 34,650
(B)59,140
(C)45,000
(D)36.128
(E) 54,209
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