ABC, Inc. sold 1,000,000 shares in an initial public offering (IPO). The underwriter's explicit fees were 1% of the amount sold at the offering price of $40 per share. Upon issuance, the share price increased to $43 per share. What is the best estimate of the total cost of the equity issuance to ABC, Inc. ? Round to the nearest whole dollar. Hint: From your assigned reading and lecture videos, think about the two types of costs to the issuing firm during an IPO. y