Ewing Oil repurchased $5.10B worth of shares during the year at an ave

Ewing Oil repurchased $5.10B worth of shares during the year at an average price of $30. Cliff Barnes owned 0.15B shares in Ewing prior to the repurchase. Cliff decided not to sell any shares during the repurchase.

What was Cliff’s proportionate ownership in Ewing following the repurchase?

Ewing Oil Inc
Selected Financial Information
Shares outstanding at beginning of Year 1.78B
Price at beginning of Year $30
Value of company beginning of Fiscal 53.4B

A) 8.43%
B) 9.32%
C) 10.42%
D) 11.54%
E) 12.32%

ANSWER

B