founded a firm that currently has 16 millionshares, of which you own 11 million. You are considering an IPO where you would sell 3 million shares for $24 each. If all of the shares sold aresecondary, what is the maximum number of secondary shares you could sell and still retain more than 50% ownership of thefirm? How much would the firm raise in thatcase?

A) What is the maximum number of secondary shares you could sell and still retain more than 50% ownership of thefirm?

The maximum number of secondary shares you could sell is shares

B) the firm would raise approximately on the sale of these shares