Jenny Corporation needs to raise $$47$ million to fund a new project. The company will sell shares at a price of $$27\mathrm{.}80$ in a general cash offer and the company's underwriters will charge a spread of $7\mathrm{.}5$ percent. The direct flotation costs associated with the issue are $$625,000.$ How many shares need to be sold?

Multiple Choice

$1,631,671$ shares

$1,690,647$ shares

$1,771,340$ shares

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$20$ of $20$

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