Powerlock Inc. needs to raise $20 million to finance its expansion into Canada. The company will sell new shares of equity via a general cash offering to raise the needed funds. Suppose the offer price is $78 per share and the company's underwriters charge a 7.5 percent spread. The SEC filing fee, legal and accounting expenses of the offering are $1,560,000. How many shares need to be sold so that Powerlock has the full $20 million after the offering? Select one: a. 268,940 b. 277,200 c. 298,822 d. 438,881 e. 276,410