Jaxson Smith is a rapidly growing technology firm. To fund its next growth phase, the firm needs to raise $1.2 million. The firm estimates that it can sell new shares of stock at a price of $55 a share. The estimate for legal, accounting, and other costs related to the stock issue are $450,000. The underwriters' spread is 6.5 %. How many shares of stock must Jaxson Smith sell to meet its financing need? A. 31,182 shares B. 31,501 shares C. 32,086 shares D. 32,609 shares E. 33,335 shares

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