Naylor's is an all-equity firm with 48,000 shares of stock outstanding at a market price of $25 per share. The company has earnings before interest and taxes of $87,000. Naylor's has decided to issue $400,000 of debt at 7.3 percent and use the proceeds to repurchase shares. Currently, Angela owns 600 shares of Naylor's stock. How many shares of this stock will she continue to own if she unlevers this position? Assume she can lend funds at 7.3 percent interest. Ignore taxes.

A. 425

B. 333

C. 267

D. 400

E. 200