Jenny Corp. needs to raise $50 million to fund a new project. The company will sell shares at a price of $28.40 in a general cash offer and the company's underwriters will charge a spread of 6.5 percent. The direct flotation costs associated with the issue are $775,000. How many shares need to be sold? Multiple Choice 1,836,352 shares C 1,912,141 shares 1,653,111 shares O 1,706,837 shares 1,760,563 shares