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Problem 10-04

A company goes public by using an auction. The bids are contained in the table below. The firm wants to sell 11 million shares.

Price ($)	Number of Shares (millions)
25	3.0
24	5.5
23	4.0
22	4.0
21	7.0
20	6.0

In a traditional offering, describe which bidders would receive shares, the price they would pay, and how much of their orders would be filled. Enter your answers for the number of receive shares in millions. For example, an answer of 1.2 million should be entered as 1.2, not 1,200,000. Round the monetary values to the nearest dollar and answers for the number of receive shares to one decimal place. If the investor wouldn't receive shares, enter "0" in both columns.

Bid Price ($)	The Auction Price	Number of Receive Shares (millions)
25	$
24	$
23	$
22	$
21	$
20	$