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A company needs $1,349,590 to finance a new project. The company plans to issue new common shares at a price of $18.05 per share to

A company needs $1,349,590 to finance a new project. The company plans to issue new common shares at a price of $18.05 per share to fund this project. If the company must issue at least 79,280 shares to have enough funds for the new project, what is the underwriting spread?

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