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A firm recently offered 1 2 0 , 0 0 0 newly issued shares of stock to the public. The underwriters paid the firm the

A firm recently offered

120, 000

newly issued shares of stock to the public. The underwriters paid the firm the uniform auction price for each of those

shares, less a fee of

7.7

percent. Which one of the following terms best describes this type of underwriting?

Multiple Choice

Dutch auction

Best efforts

Public rights

Private placement

Market commitment

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