The Press has total assets of $848,000 and total debt of $402,000 on a market value basis. There are 25,000 shares of stock outstanding.

The Press has total assets of $848,000 and total debt of $402,000 on a market value basis. There are 25,000 shares of stock outstanding. The company has announced it is going to repurchase $40,000 worth of stock in the open market. What will be the price per share after the repurchase?

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