Please see below screenshot. I am confused on how it is 34,375 shares.

Fishwick Enterprises has 220,000 shares outstanding, half of which are owned by Jennifer Fishwick and half by her cousin. The two cousins have decided to sell 110,000 shares in an IPO. Half of these shares would be issued by the company to raise new cash, and half would be shares that are currently held by Jennifer Fishwick. Suppose that the shares are sold at an issue price of $50 but rise to $80 by the end of the first day's trading. Suppose the issue had been priced at $80. How many shares would the company have needed to sell to raise the same gross proceeds from the IPO? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a 34,375 Your answer b 35,800 C 40,200