Google went public and used the Dutch auction to set the offer price for 22.5 million shares. The following table gives the bidding. The stock traded at $100.34 at the end of trading on the first day. What is the percent underpricing?

a. -18.8 %

b. 11.48%

c. 33.78%

d. 18.04%

Bidder B1 B1 Price ($) Number of Shares (millions) 110 5 90 10 85 20 75 15 B2 B3 B4