A corporation has a market capitalization of $400,000,000 and annual cash flow of $100,000,000. There are 20,000,000

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A corporation has a market capitalization of $400,000,000 and annual cash flow of $100,000,000. There are 20,000,000 shares outstanding. Maintenance Cap-Ex is $10,000,000. The stock price is $20.
If cash flow in excess of maintenance Cap-Ex is used to repurchase shares, how many shares can be purchased?
Prepare a table that shows management's progression of ownership for the next four years. Assume the firm's value remains at $400,000,000.

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