Gulf Coast Manufacturing Company is executing an initial public offering with the following characteristics. The company will sell 10 million shares and the offer price is $75 per share. The underwriters are charging a 7 percent underwriting spread. The company's filing, auditin, legal, and exchange listing fees associated with the offering are estimated to be $1,000,000. Suppose that the market price of the stock goes to $87 per share at the end of the first day of trading. What is the initial (first- day) return earned by investors who bought shares at the offering price? Multiple Choice 13.7% 18% 16% 15% 17%