An IPO was priced to sell at $23 a share and closed at $22 a share at the end of the first day of trading. The underwriting spread was 7% of the offer price and the legal, administrative an accounting costs were $160,000. What was the total percentage cost of the issue as a percentage of the market value at the end of its first day if 250,000 share were offered?

A. 3.64%

B. 4.21%

C.3.89%

D. 5.68%