A company wants to raise $450 million in a new stock issue. Its investment banker indicates that the sale of new stock will require 5 percent underpricing and a 4 percent spread. (Hint: the underpricing is 5 percent of the current stock price, and the spread is 4 percent of the issue price.)

Assuming the company's stock price does not change from its current price of $70 per share, what would be the issue price to the public after underpricing? How many shares would the company need to sell?

Note: Round intermediate calculations to 2 decimal places. Round your answers to 2 decimal places. Enter "Number of shares" answer in millions.

A. Issue Price $66.50

Number of shares ? in millions

B. How much money will the investment banking syndicate earn on the sale?

Note: Round intermediate calculations to 2 decimal places. Enter your answer in millions rounded to 2 decimal places.

investment bankers revenue ? in millions