How many shares must be sold

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Reference no: EM131461218

Firm X needs to net $7,700,000 from the sale of common stock. Its investment banker has informed the firm that the retail price will be $23 per share, and that the firm will receive $20.00 per share. Out-of-pocket costs are $300,000. How many shares must be sold? (Round your answer to nearest whole number.)

395,000

400,000

405,000

415,000

Reference no: EM131461218

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