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Pawprints Paint recently went public in a best efforts offering. The company offered $175,000$ shares of stock for sale at an offer price of $$29$ per share. The administrative costs associated with the offering were $$415,000$ and the underwriter's spread was $6\mathrm{.}5$ percent. After completing their sales efforts, the underwriters determined that they sold a total of $168,700$ shares. What were the net proceeds to the company?