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

Fortune Hotels issues an IPO on a best-effort basis. The company's investment bank requires a spread of 20 percent of the selling price. Five million shares are issued. The average selling price is expected to be $31. How much did the invertment bank recelve? $31.0 million $27.5 million $22.0 million $20.0 million

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