Memories Inc currently has 25 million shares outstanding with a current share price of $10.00 per share. Memories intends to lower its corporate taxes by borrowing $100 million and using the proceeds to repurchase shares. Suppose that Memories has a corporate tax rate of 35% and shareholders expect the change in debt to be permanent. Assuming that capital markets are perfect except for the existence of corporate taxes, the number of shares outstanding after the share repurchase is closest to:

Group of answer choices

a)20,070,228

b)12,688,870

c)25,000,000

d)None of the answer choices is correct

e)16,228,070

Please show calculations in excel