Foster$$ Enterprises' stock is trading for $ $57$ per share and there are currently $11$ million shares outstanding. It would like to raise $ $115$ million. If its underwriter charges $6\%$ of gross$$ proceeds,

a$.$ How many shares must it$$ sell?

b$.$ If it expects the stock price to drop by $2\%$ upon announcement of the$$ SEO, how many shares should it plan to$$ sell?

c$.$ If all of the shares are primary shares and are sold to new$$ investors, what percentage reduction in ownership will all of the existing shareholders$$ experience?

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Part $1$

a$.$ How many shares must it$$ sell?

The total number of shares it must sell will be

$$

enter your response here shares. $($Round to the nearest$$ integer.$)$