A)

ADP, Inc. needs to raise $32 million to finance its expansion into new markets. The company will sell new shares of equity via a general cash offering to raise the needed funds. If the offer price is $45 per share and the company's underwriters charge an 8.25 percent spread, how many shares need to be sold?

648,729 shares

691,208 shares

723,467 shares

775,053 shares

775,323 shares

B)

ADP, Inc. needs to raise $43 million to finance its expansion into new markets. The company will sell new shares of equity via a general cash offering to raise the needed funds. The SEC filing fee and associated administrative expenses of the offering are $389,000. If the offer price is $38 per share and the company's underwriters charge a spread of 9 percent, how many shares need to be sold?

	1,254,743 shares
	1,354,743 shares
	1,406,211 shares
	1,514,141 shares
	1,587,923 shares