ALC needs to raise $12 million to finance its expansion into new markets and has decided to sell new shares of equity via a general cash offering. The offer price will be $28 per share, the accounting and legal fees are expected to be $645,000, and the company's underwriters will charge a spread of 8.6 percent. How many shares need to be sold? a. 494,100 shares b. 521,208 shares c. 523,467 shares d. 491,947 shares e. 515,323 shares