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Gravenstein Chemicals wishes to raise $5 million by an issue of stock. It expects direct expenses to absorb 1% of the money raised and the

Gravenstein Chemicals wishes to raise $5 million by an issue of stock. It expects direct expenses to absorb 1% of the money raised and the underwriters to charge a spread of 4%. If the announcement of the issue is likely to cause the price of Gravenstein stock to fall to $80 from its current level of $82, what is the minimum number of shares that the company must sell to ensure that it raises the required $5 million? (Do not round intermediate calculations. Round your answer to nearest whole number.) the answer is NOT 819,672. 819,672 is the maximum

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