A tech firm that has developed a new type of internet browser is planning an IPO of 1,000,000 shares of common stock. The investment banking house that is underwriting the IPO has presented the tech firm with two possible plans of action:

Plan 1: An underwritten offer of $17.00 per share plus a fee of 8% of the gross proceeds.

Plan 2: A best efforts offering at $17.25 per share. An underwriting commission of 2.2% plus $107,000 will be paid to the investment bank. The investment bank is expecting to sell 90% of the offering.

What are the net proceeds to the tech firm if they choose Plan 1? (Do not round intermediate calculations. Round your answer to a whole number.)