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How many shares of stock will don need to sell in order

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Question 1: Don's Captain Morgan, Inc. needs to raise $13.70 million to finance plant expansion. In discussions with its investment bank, Don's learns that the bankers recommend an offer price (or gross proceeds) of $21.60 per share and Don's will receive $18.85 per share. Calculate the underwriter's spread per share on the issue (round your answer to 2 decimal places). How many shares of stock will Don's need to sell in order to receive the $13.70 million it needs (round your answer to the nearest whole number).

Reference no: EM132552154

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