13.24

Suppose a biotech company in Boston, Massachusetts, completes an $94 million IPO priced to the public at $75 per share. The firm receives $72 per share, and the out-of-pocket expenses are $416,000. The stocks closing price at the end of the first day is $84. What is the total cost to the firm of issuing the securities? (Round answer to nearest whole dollar, e.g. 5,275.)

Total cost of issuing the securities $____________