Suppose cisco systems pays no dividends but spent 5 billion, Ask an Expert

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Suppose Cisco Systems pays no dividends but spent 5 billion dollars on share repurchase last year. If Cisco's equity cost is cost of capital is 12%, and if the amount spent on repurchase is expected to grow by 8% per year, estimate Cisco's market capitalization. If Cisco has 6 billion shares outstanding, what stock price does this correspond to?

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