JoyceLi Co. needs $1.97 million to fund a new project. The company estimates it can sell new shares of stock for $35 a share. It also estimates it will cost an additional $476,000 for filing and legal fees related to the stock issue. The underwriters have agreed to a spread of 9.4 percent.

How much must be actually raised to cover all fees and cost? [ Select ]

How many shares of stock must be sold for the company to fund its expansion? [ Select ]