14. You are negotiating with your underwriters in a firm commitment offering of 9 million primary shares. You have two options: set the IPO price at $23.00 per share with a spread of 6%, or set the price at $22.20 per share with a spread of 4%. Which option raises more money for your firm?

15. Your firm is selling 7 million shares in an IPO. You are targeting an offer price of $17.13 per share. Your underwriters have proposed a spread of 8.5%, but you would like to lower it to 7.0%. However, you are concerned that if you do so, they will argue for a lower offer price. Given the potential savings from a lower spread, how much lower can the offer price go before you would have preferred to pay 8.5% to get $17.13 per share? The offer price would need to drop to $____?(Round to the nearest cent.)