A Best Efforts IPO Underwriting Consisted of 2

Multiple Choice

A best efforts IPO underwriting consisted of 2.0 million shares at an offer price of $24 a share. The underwriter's fee was set at 5.95%. How many shares were sold if the issuer received $39,900,000?

A) 1,693,342 shares
B) 1,838,243 shares
C) 1,767,677 shares
D) 2,346,300 shares
E) 2,653,700 shares