Please show your work in Microsoft Excel.

Below is a sample problem for reference.

2. Chen Brothers, Inc., sold 4 million shares in its IPO, at a price of $18.50 per share. Management negotiated a fee (the underwriting spread) of 7% on this transaction. What was the dollar cost of this fee? The cost of the underwriter fees was } million. (Round to two decimal places.) To calculate the total dollar value of the IPO, use the following formula: IPOValue=PriceperShareNumberofShares Therefore, IPOValue=$19.15pershare7millionshares=$134.1million The total dollar value of the IPO was $134.1 million. To determine the cost of the underwriter fees, use the following formula: Underwriting Fees = IPO Value Underwriter Spread Therefore, Underwriting Fees =$134.1 million 0.102=$13.68 million The cost of the underwriter fees was $13.68 million