The number of new shares that kinston must issue to raise, Financial Management

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The number of new shares that kinston must issue to raise

Kinston Enterprises has no debt and a debt obligation of $47 million that is due now. The market value of Kinston's assets is $102 million, and the firm has no other liabilities. Assume that capital markets are perfect and that Kinston has 5 million shares outstanding. The number of new shares that Kinston must issue to raise the capital needed to pay its debt obligation is closest to:

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