7) 7) 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 6.5 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? A) $3,744,301 B) $4,159,301 C) $3,915,125 D) $4,574,301 E) $4,330,125