A company is planning a new plant and needs to raise (net of underwriting cost) $23 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 8 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)

a. 5.000 b. 27.174 c. 4.630 d. 4.600