Howett Pockett, Inc., plans to issue 10.6 million new shares of its stock. In discussions with its investment bank, Howett Pocket learns that the bankers recommend a net proceed of $35.00 per share and they will charge an underwriters spread of 8.0 percent of the gross proceeds. In addition, Howett Pockett must pay $4.0 million in legal and other administrative expenses for the seasoned stock offering.

Calculate the gross proceeds per share. (Round your answer to 2 decimal places.)

Gross proceeds

$ per share

Calculate the total funds received by Howett Pockett from the sale of the 10.6 million shares of stock.(Enter your answer in millions of dollars rounded to 3 decimal places.)

Funds received by Howett Pockett

$ m