Fishwick Enterprises has $204,500$ shares outstanding, half of which are owned by Jennifer Fishwick and half by her cousin. The two

cousins have decided to sell $103,000$ shares in an IPO. Half of these shares would be issued by the company to raise new cash, and

half would be shares that are currently held by Jennifer Fishwick. Suppose that the shares are sold at an issue price of $$50$ but rise to

$$80$ by the end of the first day's trading. Suppose also that investors would have been prepared to buy the issue at $$80.$

a$.$ What percentage of the company will Jennifer own after the issue?

Note: Round your answer to the nearest whole percentage.

b$.$ What will her holding be worth at the end of the first day's trading?

c$.$ Suppose the issue had been priced at $$80.$ How many shares would the company have needed to sell to raise the same gross

proceeds from the IPO?

d$.$ Suppose that the shares are sold at an issue price of $$50$ but rise to $$80$ by the end of the first day's trading, what would be

Jennifer's wealth $($cash plus the value of her remaining holding$)?$

Note: Enter your answer in millions rounded to $1$ decimal place.

e$.$ What is the cost of underpricing to Jennifer in dollars?

Note: Enter your answer in millions rounded to $1$ decimal place.