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Apple Corporation owns 56,000 shares of common stock out of the 100,000 shares outstanding of common stock of Orange Corporation. If Orange Corporation repurchased 20,000

Apple Corporation owns 56,000 shares of common stock out of the 100,000 shares outstanding of common stock of Orange Corporation. If Orange Corporation repurchased 20,000 shares from outsiders, what would be Apple ownership percentage in Orange after the repurchase?

a. 50%

b. 60%

c. 70%

d. 80%

e. none of the above

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