Jenny Corporation needs to raise $54.5 million to fund a new project. The company will sell shares at a price of $29.30 in a general cash offer and the company's underwriters will charge a spread of 7 percent. The direct flotation costs associated with the issue are $1,000,000. How many shares need to be sold?

Multiple Choice

1,799,225 shares

1,948,420 shares

1,738,382 shares

2,036,772 shares

1,860,068 shares