Internet Ideas, Inc. is offering 20,000 shares in an initial public offering. The underwriters have agreed upon a best efforts offering with an offer price of $27 and a 5 percent spread. The underwriters were able to sell 18,500 shares to the general public. The stock opened at a price of $31 a share on its first day of trading. How much did Internet Ideas, Inc. receive from this offering?

A)$474,525

B)$499,500

C)$513,000

D)$589,000