A company is planning an IPO of 10 million shares. Each share is expected to sell at $20 per share. The investment banker will charge a 7% spread and incur expenses of $1,000,000. The company will incur expenses of $500,000. How much will the investment banker receive if all shares sell at the expected price? $0.7 million $12.5 million $13.0 million $13.5 million None of the above.