ABC Airways is introducing a new fleet of planes and needs to raise $16.9188 million (net of underwriting cost) to fund an expansion. If the offer price is $3 and the underwriters require a 8 per cent spread on the transaction, how many shares does the company need to issue (in millions to three decimal places)? (Hint: required amount/(1-spread) = issue amount)

Select one:

a. 6.130

b. 19.989

c. 2.778

d. 2.760