Luther Industries sells a number of shares in an IPO. At the end of the tender, Luther's investment bank received the following offers:

At what price will shares be introduced if Luther sells 800,000 shares?

Options:

a) $17.25

b) $18.00

c) $17.00

d) $17.75

Number of Cumulative Price ($) Shares Bid Demand $19.50 50,000 50,000 $19.25 25,000 75,000 $19.10 25,000 100,000 $19.00 100,000 200,000 $18.75 125,000 325,000 $18.50 75,000 400,000 $18.25 150,000 550,000 $18.00 240,000 790,000 $17.75 80,000 870,000 $17.50 125,000 995,000 $17.25 150,000 1,145,000 $17.00 100,000 1,245,000 $16.90 60,000 1,305,000 $16.75 80,000 1,385,000 $16.50 75,000 1,460,000 $16.25 200,000 1,660,000