A startup company offers 1,000,000 shares of common stock to the public in an initial public offering (IPO). The underwriters agree to provide their services in a firm commitment underwriting agreement. The offering price is set at $61. The underwriting spread is 10% per share. After completing their sales efforts the underwriters determine that they were able to sell a total of 583,380 shares. How much cash did the issuing firm receive from their IPO?

a. $19,226,400

b. $26,127,487

c. $32,027,562

d. $41,473,080

e. $54,900,000