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A firm is making an initial public offering. The investment bankers agree to a firm underwriting commitment of 500,000 shares priced to the public at

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A firm is making an initial public offering. The investment bankers agree to a firm underwriting commitment of 500,000 shares priced to the public at $50 a share. The underwriter's spread is 12%. In addition, the underwriter charges $600,000 in legal fees, On the first day of trading, the firm's stock closed at \$61. What were the total costs of the issue? $8,500,000$3,000,000$9,100,000$3,600,000

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