The Cash Store Co.just repurchased 11.875 million shares at a price of $14.The stock was trading at a price of $16 prior to the repurchase,but a market correction gave the company an opportunity to repurchase at a lower price.There were 100 million shares outstanding prior to the repurchase.The stock is now trading for $16.27.What is the aggregate gain in value to all the shares that remain outstanding as a result of the repurchase? (Compare their value before the repurchase to their value after.)

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After the repurchase the number of shares outstanding is: N_A = 100 - 11.875 = 88.125 Each share rises in value from $16 to $16.27 for a total gain of: Gain = (16.27 - 16) × 88,125,000 = $23.79375 million Gain = $23.794 million