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XYZ, Inc., has issued 12 million new shares of stock. An investment bank agrees to underwrite these shares on a best efforts basis. The investment bank is able to sell 10.2 million shares for $28 per share, and it charges XYZ $0.765 per share sold.
a. How much money does XYZ receive after commission? (Enter your answer in dollars not in millions. Do not round intermediate calculations.)
Net proceeds after commission $
b. What is the profit to the investment bank? (Enter your answer in dollars not in millions. Do not round intermediate calculations.)
Profit to the investment bank $
c. What is the stock price of XYZ?
Stock price of XYZ $
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