Answer: $56.

**Calculation:** 1. **Current book value per share:** \[ \text{Current BVPS} = \frac{\$6,000 \text{ million}}{100 \text{ million}} = \$60 \] 2. **Shares repurchased:** \[ \text{Shares repurchased} = \frac{\$400 \text{ million}}{\$50} = 8 \text{ million shares} \] 3. **New shares outstanding:** \[ \text{New shares} = 100 \text{ million} - 8 \text{ million} = 92 \text{ million} \] 4. **New book value of equity:** \[ \text{New BVE} = \$6,000 \text{ million} - \$400 \text{ million} = \$5,600 \text{ million} \] 5. **New book value per share:** \[ \text{New BVPS} = \frac{\$5,600 \text{ million}}{92 \text{ million}} = \$60.87 \] Since the market price ($50) is less than the current BVPS ($60), the buyback increases BVPS. The closest option is **$61**.

Author: LeetQuiz Editorial Team