An investment bank agrees to underwrite an issue of 15 million shares of stock for Looney Landscaping Corp.

Suppose that the investment bank agrees to underwrite the 15 million shares on a best efforts basis. The investment bank is able to sell 13.6 million shares for $12.50 per share, and it charges Looney Landscaping Corp. $0.275 per share sold. How much money does Looney Landscaping Corp. receive? What is the profit to the investment bank? Ignore any other costs and expenses. (4 Marks)