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7. Roundtree Software is going public using an auction IPO. The firm has received the following bids: Price (S) 4.00 13.80 13.60 3.40 13.20 13.00

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7. Roundtree Software is going public using an auction IPO. The firm has received the following bids: Price (S) 4.00 13.80 13.60 3.40 13.20 13.00 2.80 Number of Shares 100,000 200,000 500,000 000,000 ,200,000 800,000 400,000 Assuming Roundtree would like to sell 1.8 million shares in its IPO, what will be the winning auction offer price

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