12 A firm sold million shares at an offer price of $5 per share in its initial public offering. The underwriting spread was $ 30 per share. The price of the stock closed at $7.50 per share at the end of the first day of trading. The firm incurred $50,000 in legol, administrativo, and other costs. What were notation costs as a fraction of funds raised? 90 Multiple Choice 38 percent 50 percent 7 percent 54 percent