United Uninsured Underwriters (U3) needs to raise

$192 million. If it issues new common stock to raise the funds, the flotation costs will be 8 percent.

The new issue will also require U3 to pay $280,000 in fees to its lawyers, the printer, and others associated with the issue. U3 can issue stock at $25 per share. How many shares of common stock must be issued so that it has $192 million after flotation costs? Show how much of the total dollar amount will be flotation costs and how much U3 will receive after the flotation costs are paid.