Please see below screenshot. I am confused on how it is 40%

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. What percentage of the company will Jennifer's cousin own after the issue? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a 10% b 20% c 30% d 40% Your