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Please answer question and show all work. Thank you! 1. An investment banker agrees to a firm commitment offering of two million shares of Ace

Please answer question and show all work. Thank you! image text in transcribed
1. An investment banker agrees to a firm commitment offering of two million shares of Ace stock. The offer price is set at $55 and the spread is 50 cents per share. If the stock is actually sold to the public at $53.80, however, what is the amount of funds Ace receives?(lgnore any other fees or expenses)

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