Cisoft is a highly profitable technology firm that currently has

$ 8$8

billion in cash. The firm has decided to use this cash to repurchase shares from investors, and it has already announced these plans to investors. Currently, Cisoft is an all-equity firm with

22

billion shares outstanding. These shares currently trade for

$ 13$13

per share. Cisoft has issued no other securities except for stock options given to its employees. The current market value of these options is

$ 5$5

billion.

a. What is the market value of Cisoft's non-cash assets?

b. With perfect capital markets, what is the market value of Cisoft's equity after the share repurchase? What is the value per share?

a. What is the market value of Cisoft's non-cash assets?

The market value of Cisoft's non-cash assets is

$nothing

billion.

(Round to the nearest integer.)