The Meadows Corporation needs to raise $62 million to finance its expansion into new markets. The company will sell new shares of equity via a general cash offering to raise the needed funds. The offer price is $50 per share and the company's underwriters charge a spread of 8 percent. If the SEC filing fee and associated administrative expenses of the offering are $675,000, how many shares need to be sold? (Do not round intermediate calculations and enter your answer in shares, not millions, rounded to the nearest whole number, e.g., 1,234,567.) > Answer is complete but not entirely correct. Number of shares offered 620,168,750 X

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
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The Meadows Corporation needs to raise $62 million to finance its expansion into new
markets. The company will sell new shares of equity via a general cash offering to raise
the needed funds. The offer price is $50 per share and the company's underwriters
charge a spread of 8 percent. If the SEC filing fee and associated administrative
expenses of the offering are $675,000, how many shares need to be sold? (Do not
round intermediate calculations and enter your answer in shares, not millions,
rounded to the nearest whole number, e.g., 1,234,567.)
X Answer is complete but not entirely correct.
Number of shares offered
620,168,750 X
Transcribed Image Text:The Meadows Corporation needs to raise $62 million to finance its expansion into new markets. The company will sell new shares of equity via a general cash offering to raise the needed funds. The offer price is $50 per share and the company's underwriters charge a spread of 8 percent. If the SEC filing fee and associated administrative expenses of the offering are $675,000, how many shares need to be sold? (Do not round intermediate calculations and enter your answer in shares, not millions, rounded to the nearest whole number, e.g., 1,234,567.) X Answer is complete but not entirely correct. Number of shares offered 620,168,750 X
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