A new hot share issue for Tesla is being priced by lead investment dealer Burns Fry. The lead investment dealer can buy the new shares at $20 per share, but the other syndicate members will pay $21.25. The price to the selected dealer group is $21.80, with a price to the brokers of $23.20. The price to the public is $25.50. (Do not round the intermediate calculations. Round the final answers to 2 decimal places.)

a. If Burns Fry sells its shares to the dealer group, what will be the percentage return?

Return %

b. If Burns Fry performs the dealers function as well and sells to brokers, what will be its percentage return?

Return %

c. If Burns Fry fully integrates its operation and sells directly to the public, what will be its percentage return?

Return