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How much of total dollar amount of issue flotation costs

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Problem - United Uninsured Underwriters needs $192 million to stay in business. If it issues new common stock to raise the funds, the flotation costs will be 8 percent. The new issue will also require United Uninsured Underwriters to pay $280,000 in fees to its lawyers, printing costs, and other costs associated with the issue. United Uninsured Underwriters can issue stock at $25 per share. How many shares of common stock must United Uninsured Underwriters issue so that it has $192 million after flotation costs? Show how much of the total dollar amount of the issue will be flotation costs and how much United Uninsured Underwriters will receive after the flotation costs are paid.

Reference no: EM132697229

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