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Apple Corporation has 1 5 billion shares outstanding, currently trading at $ 1 7 8 . 2 3 per share. The company recently announced a
Apple Corporation has billion shares outstanding, currently trading at $ per share. The company recently announced a $ billion stock repurchase. Suppose you own Apple shares and would prefer a special dividend to a stock repurchase. How many Apple shares would you have to sell to synthesise a homemade special dividend out of Apple's share repurchase plan? You may assume a perfect capital market and that the market capitalisation of Apple does not change before the stock repurchase plan is executed. Enter your answer as a number rounded to the nearest unit.
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