Consider the following model when answering questions 4/a. through 4/e.: VL=VU+DTC=EL+D Gem Industries has five million shares outstanding with a market price of $88 per share and no debt. Gem has consistently stable earnings and pays a TC=30% corporate tax rate. Although investors expect Gem to remain all-equity financed, management plation levering up will boost Gem's share price. Question 4 continued: 4/d. How many shares will Gem repurchase? (Enter your response in millions, without using symbols, dollar signs, commas, letters, or abbreviations. If your answer is $12,750,000 enter it simply as 12.75 please. Do NOT enter your answer as "12.75 million" or "\$1275 thousand".) Answer: Question 4 continued: 4/e. What is the market value of Gem's equity (the value of all Gem shares combined) after the share repurchase is completed? (Enter your response in millions, without using symbols, dollar signs, commas, letters, or abbreviations. If your answer is $12,000,000 please enter it simply as 12 . Do NOT enter your answer as "12 million" or "\$1200 thousand".)