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Frank Enstein is the CEO of a private medical equipment company that is proposing to sell 121,000 shares of its stock in an open auction.
Frank Enstein is the CEO of a private medical equipment company that is proposing to sell 121,000 shares of its stock in an open auction. Suppose the company receives the bids in the following table.
| Shares | Price | |||
| 23,000 | $ | 86 | ||
| 13,000 | 84 | |||
| 18,000 | 79 | |||
| 28,000 | 76 | |||
| 13,000 | 75 | |||
| 11,000 | 73 | |||
| 17,000 | 72 | |||
| 18,000 | 71 | |||
| 33,000 | 67 | |||
What is the maximum price at which the company can sell its stock?
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