Firm X needs to net $8,600,000 from the sale of common stock. Its investment banker has informed the firm that the retail price will be $24 per share, and that firm X will receive $21.00 per share. Out-of-pocket costs are $300,000. How many shares must be sold to achieve the desired net to the issuing firm? Note: Round up your answer to nearest whole number. Multiple Choice 418,810 428,810 438,810 423.810
Firm X needs to net $8,600,000 from the sale of common stock. Its investment banker has informed the firm that the retail price will be $24 per share, and that firm X will receive $21.00 per share. Out-of-pocket costs are $300,000. How many shares must be sold to achieve the desired net to the issuing firm? Note: Round up your answer to nearest whole number. Multiple Choice 418,810 428,810 438,810 423.810
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Transcribed Image Text:Firm X needs to net $8,600,000 from the sale of common stock. Its investment banker has informed the firm that the retail price will be $24 per share,
and that firm X will receive $21.00 per share. Out-of-pocket costs are $300,000. How many shares must be sold to achieve the desired net to the issuing
firm?
Note: Round up your answer to nearest whole number.
Multiple Choice
418,810
428,810
438,810
423.810
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