1. Firm X needs to net $12,800,000 from the sale of common stock. Its investment banker has informed the firm that the retail price will be $22 per share, and that the firm will receive $18.50 per share. Out-of-pocket and underwriting costs are $250,000. How many shares must be sold to achieve the desired net to the issuing firm?
   1. 581,526
   2. 654,545
   3. 659,091
   4. 705,406