CNR is floated on the stock exchange through an open price offer (Dutch Auction). The investment bank in charge of the transaction received the following purchase orders:

(a) What will be the offering price if the offer is for 1 million CNR shares?

(b) How much money will CNR raise through the IPO if the offer is for 1.25 million shares (instead of 1 million shares)?

Prix per share (en $) 39,0 38,5 38,2 38,0 37,5 37,0 36,5 36,0 35,5 34,5 35,0 33,8 34,0 33,5 33,0 32,5 Number of share requested 50 000 25 000 25 000 100 000 125 000 75 000 150 000 240 000 80 000 130 000 140 000 125 000 150 000 80 000 75 000 200 000