The Cash Store Co just repurchased 11.875 million shares at a price of

The Cash Store Co just repurchased 11.875 million shares at a price of $14. The stock was trading at a price of $16 prior to the repurchase, but a market correction gave the company an opportunity to repurchase at a lower price.

There were 100 million shares outstanding prior to the repurchase. The stock is now trading for $16.27. What is the aggregate gain in value to all the shares that remain outstanding as a result of the repurchase? (Compare their value before the repurchase to their value after.)
A) $18.125M
B) $20.125M
C) $21.122M
D) $23.794M
E) $27.000M

ANSWER

D