A firm wants to raise $$23\mathrm{.}9$ million by issuing new shares of stock. Management estimates the issue will cost the firm $$277,000$ for accounting, legal, and other costs. The underwriting spread is $8\mathrm{.}15$ percent and the issue price is $$25\mathrm{.}25$ per share. How many shares of stock must be sold if the firm is to receive sufficient funds to purchase the necessary equipment?

Multiple Choice

$677,869$ shares

$867,176$ shares

$1,018,579$ shares

$1,001,315$ shares

$1,042,466$ shares