Aaron's Sailboats has decided to take the company public by offering a total of 120,000 shares of common stock to the public. The firm has hired an underwriter who arranges a best effort underwriting and suggests an initial selling price of $28 a share with an 8.5 percent gross spread. As it turns out, the underwriters only sell 97,400 shares. How much cash will Aaron's Sailboats receive from its first public offering? $2,727,200$2,495,388$3,074,400$3,360,000$3,645,600