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Canadian Air would like to sell 3762831 shares of stock using Dutch auction underwriting. The bids received are: Bidder Quantity Price A 650,000 Price: 31

Canadian Air would like to sell 3762831 shares of stock using Dutch auction underwriting. The bids received are:

Bidder Quantity Price

A 650,000 Price: 31

B 750,000 Price:30

C 1,150,000 Price:29

D 1,350,000 Price:28

E 550,000 Price:27

F 700,000 Price:26

How much will the company raise in its offer? Suppose that the underwriting gross spread is 6%.

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