ABC Airways is introducing a new fleet of planes and needs to raise $$37.62 million (net of underwriting cost) to fund an expansion. If the offer price is $5 and the underwriters require a 5 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. 7.920

b. 41.684

c. 4.762

d. 4.750