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Barnegat Light sold 1 5 0 , 0 0 0 shares in an initial public offering. The underwriter's explicit fees were $ 6 0 ,

Barnegat Light sold

150, 000

shares in an initial public offering. The underwriter's explicit fees were $

60, 000 .

The offering price for the shares was $

30,

but immediately upon issue, the share price jumped to $

38 .

What is the best estimate of the total cost to Barnegat Light of the equity issue?

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