Powerlock Inc. needs to raise $25 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 $65 per share and the company's underwriters charge a 7 percent spread. The SEC filing fee, legal and accounting expenses of the offering are $1,475,000. How many shares need to be sold so that Powerlock has the full $25 million after the offering? Select one: a. 481,762 b. 413,565 c. 503,660 d. 407,308 e. 437,965