how much will Global Traders recieve from this stock offering as net proceeds assuming the issue is completely sold?

Global Traders is offering 130,000 shares of stock to the public in a general cash offer. The offer price is $38 a share and the underwriter's spread is 8 percent. The administrative costs are estimated at $865,000. How much will Global Traders receive from this stock offering as net proceeds assuming the issue is completely sold? Multiple Choice 53,679,800 $4,490,000 $3,370,800 $4,075,000 S3,828,400