Caspian Sea is considering raising $$49\mathrm{.}00$ million by issuing preferred stock. They believe the market will use a discount

rate of $11\mathrm{.}95\%$ to value the preferred stock which will pay a dividend of $$4\mathrm{.}30.$ How many shares will they need to

issue?

Attempts Remaining: Infinity

Answer format: Currency: Round to: $0$ decimal places.

Similar to CSD Chapter $7$ #$4$