1. Chinese Importers wants to raise $58 million to expand its operations into South America. The company will sell new shares of common stock using a general cash offering. The underwriters charge a 7.8 percent spread, the administrative costs are $411,000, and the offer price is $35 per share. How many shares of stock must be sold if the firm is to raise the funds it desires?

   1,648,315 shares

   1,810,071 shares

   1,911,502 shares

   1,989,415 shares

   2,051,515 shares