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ALC wants to finance its expansion into new markets and has decided to sell 1 9 1 , 2 9 5 new shares of equity.

ALC wants to finance its expansion into new markets and has decided to sell 191,295 new shares of equity. The offer price will be $20 per share, the accounting and legal fees are expected to be $465,340, and the company's underwriters will charge a spread of 4 percent. How much will ALC received in net proceeds?

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