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E-Furniture used the Dutch auction system to sell its IPO. It wanted to sell 10 million shares and received the following bids from investors. Bidder

E-Furniture used the Dutch auction system to sell its IPO. It wanted to sell 10 million shares and received the following bids from investors.

Bidder Bid Shares

1 $40 2 million

2 $37 7 million

3 $36 2 million

4 $34 10 million

17. What price was charged from the successful bidders?

A. $40

B. $37

C. $36.50

D. $36

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Recommended Textbook for

Fundamentals Of Corporate Finance

Authors: Stephen A Ross, Randolph W Westerfield

5th Edition

9780072313000

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