On January 20, Sullivan Inc., sold 9 million shares of stock in an SEO. The market price of Sullivan at the time was $40.50 per share. Of the 9 million shares sold, 5 million shares were primary shares being sold by the company, and the remaining 4 million shares were being sold by the venture capital investors. Assume the underwriter charges 5.1% of the gross proceeds as an underwriting fee.

a. How much money did Sullivan raise?

After underwriting fees, Sullivan raised $______ million. (Round to two decimal places.)

b. How much money did the venture capitalists receive?

After underwriting fees, the venture capitalists received $____million. (Round to two decimal places.)

c. If the stock price dropped 2.7% on the announcement of the SEO and the new shares were sold at that price, how much money would Sullivan receive?

After underwriting fees Sullivan would receive $_____ million.(Round to two decimal places.)