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Pawprints Paint recently went public in a best efforts offering. The company offered 170,000 shares of stock for sale at an offer price of $28

Pawprints Paint recently went public in a best efforts offering. The company offered 170,000 shares of stock for sale at an offer price of $28 per share. The administrative costs associated with the offering were $410,000 and the underwriter's spread was 9 percent. After completing their sales efforts, the underwriters determined that they sold a total of 163,700 shares. What were the net proceeds to the company?

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