Iver Mfg. wants to raise $11.6 million to purchase equipment by issuing new securities. Management estimates the issue will cost the firm $284,000 for accounting, legal, and other costs. The underwriting spread is 6.5 percent and the issue price is $24 per share. How many shares of stock must be sold if the firm is to receive sufficient funds to purchase all its desired equipment?

• 529,590 shares

• 640,759 shares

• 544,799 shares

• 633,333 shares

• 502,108 shares