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Fortune Hotels issues an IPO on a best-effort basis. The compary's investment bank requires a spread of 20 percent of the selling price. Flve million

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Fortune Hotels issues an IPO on a best-effort basis. The compary's investment bank requires a spread of 20 percent of the selling price. Flve million shares are issued. The average selling price is expected to be $31. What are the net proceeds per share for the issuer? $22 $31 $24.80 $27.50

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