77. A company decides to repurchase 5 million of its outstanding 20 million shares with debt
funding. After the repurchase, the company’s after-tax earnings decline by 20%. The new
earnings per share (EPS) is most likely:
A. equal to the pre-repurchase EPS.
B. less than the pre-repurchase EPS.
C. greater than the pre-repurchase EPS.
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