Jenny Corp. needs to raise $49.5 million to fund a new project. The company will sell shares at a price of $28.30 in a general cash offer and the company's underwriters will charge a spread of 6 percent. The direct flotation costs associated with the issue are $750,000. How many shares need to be sold?

Multiple Choice

1,650,110 shares

1,888,956 shares

1,819,036 shares

1,749,117 shares

1,699,613 shares