Cake Queen needs to raise $6 million for expansion and decides to issue long-term bonds. The financial manager hires an investment banking firm to help design the bond issue and underwrite it. The issue consists of 6,000 bonds, and the investment banker agrees to purchase the entire issue for $5.92 million. The investment banker then resells the bonds to individual investors at the offering price. The sale totals $6.1 million. What is the underwriter's compensation (spread) per bond