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An investment bank agrees to a firm commitment offering of 3 million shares of a firms stock. The offer price is set at $16 per

An investment bank agrees to a firm commitment offering of 3 million shares of a firms stock. The offer price is set at $16 per share. The bank charges a flat fee of $400,000. If the bank sells the issue to the public at $19 per share, what are the net proceeds to the bank and to the firm?

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