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Dungeoness Corporation has excess cash of $3,000 that it would like to distribute to shareholders through a share repurchase. Current earnings are $0.50 per share,

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Dungeoness Corporation has excess cash of $3,000 that it would like to distribute to shareholders through a share repurchase. Current earnings are $0.50 per share, and the stock currently sells for $40 per share. There are 160 shares outstanding. After the share repurchase, what will be the earnings per share of the firm? Ignore taxes and other imperfections. $0.47 $0.50 $0.78 $0.94 $1.07

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