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Crozet earnings per share after the buyback

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Reference no: EM132203990

Crozet Corporation plans to borrow just enough money to repurchase 100,000 shares. The following information relates to the share repurchase:

Shares outstanding before buyback: 3.1 million

Earnings per share before buyback: $4.00

Share price at time of buyback: $50

After-tax cost of borrowing: 6%

What will be Crozet's earnings per share after the buyback?

Reference no: EM132203990

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