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Apple is going public using an auction IPO method. The firm received the following bids which are shown below, based on the time of arrival

Apple is going public using an auction IPO method. The firm received the following bids which are shown below, based on the time of arrival of the bid, i.e., the bids are not sorted in either increasing or decreasing order based on the price. Assuming Apple would like to sell 2.58 million shares in its IPO, what will the winning auction offer price be?

Price

Shares

14.00

1,260,000

13.60

480,000

13.80

840,000

14.80

160,000

14.20

1,640,000

14.60

200,000

14.40

580,000

Winning auction offer price (in $, rounded to two decimal places): $_______

Calculations:

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