LuLu Enterprises has decided to take its company public by offering a total of 80,000 shares of common stock to the public in an initial public offering (IPO). Jain has hired an underwriter who arranges a bought deal underwriting and suggests an initial selling price of $32 a share with a 9 percent spread. As it turns out, the underwriters only sell 68,500 shares. How much cash will Jain receive from the IPO?

1. 1,9947,20
2. 2,329,600
3. 2,192,000
4. 0