An underwriter agrees to purchase the shares directly from the issuing firm for $$60$ million.

The underwriter ends up selling all $3$ million shares for $$23\mathrm{.}00$ each. What is the implied

underwriting spread?

The underwriter's spread was $14\mathrm{.}89\%.$

The underwriter's spread was $10\mathrm{.}53\%.$

The underwriter's spread was $13\mathrm{.}04\%.$

The underwriter's spread was $12\mathrm{.}35\%.$