A company is planning a new plant and needs to raise (net of underwriting cost) $28.5 million to finance it. The company plans to raise the money through a general cash offering priced at an offer price of $5 a share. The underwriters charge a 5 per cent spread. How many shares does the company have to sell to achieve its goal (in millions to three decimal places)? (Hint:required amount/(1-spread) = issue amount)

Select one:

a.6.000

b.31.579

c.4.762

d.4.750