7. A firm conducting an IPO of common stock sold 1 million new shares in the offering at an offer price of $10 per share. After the offering, the firm had 5 million shares outstanding, and the price of those shares in the secondary market was $12. The total proceeds from the firm's IPO were ________. A) $60 million B) $50 million C) $10 million D) $12 million E) $100 million