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A firm is making an initial public offering. The investment bankers agree to a firm-commitment underwriting for550,000shares that would be priced to the public at

A firm is making an initial public offering. The investment bankers agree to a firm-commitment underwriting for550,000shares that would be priced to the public at $37per share. The underwriter's spread is7percent. What will be the proceeds for the issuer and the underwriter?

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