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Brothers Inc. sold 2 million shares in its IPO, at a price of $17.50 per share. Management negotiated a fee (the underwriting spread) of 10%

Brothers Inc. sold 2 million shares in its IPO, at a price of $17.50 per share. Management negotiated a fee (the underwriting spread) of 10% on this transaction. What was the dollar cost of this fee?

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