E) investment banker with an oversubscription privilege to ensure profits are earned. 25) New Education needs to raise $8.79 million to finance its expansion and has decided to sell new shares of equity via a general cash offering. The offer price is $31.40 per share, the underwriting spread is 7.32 percent, and the associated administrative expenses and fees are $517,600. How many shares need to be sold? A) 329,937 E) 311,111 D) 348,907 B) 319,832 C) 361,222