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 8.2 percent. How many shares need to be sold?

489,889 shares

521,208 shares

523,467 shares

491,947 shares

515,323 shares