Dons Captain Morgan, Inc., needs to raise $14.10 million to finance plant expansion. In discussions with its investment bank, Dons learns that the bankers recommend an offer price (or gross proceeds) of $22.00 per share and Dons will receive $19.85 per share.

Calculate the underwriters spread per share on the issue. (Round your answer to 2 decimal places.)

Underwriters spread

$ per share

How many shares of stock will Dons need to sell in order to receive the $14.10 million it needs?

Number of shares sold

shares