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How many shares must be issued

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Problem - Express Courier (EC) needs $141 million to support future growth. If it issues common stock to raise the needed funds, EC must pay its investment banker 6 percent of the issue's total value. If EC can issue common stock at a market price of $80 per share, how many shares must be issued so that the company has $141 million after flotation costs to fund the planned growth?

Reference no: EM132697203

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