Problem 15-5 Calculating Flotation Costs [LO3]

The Valhalla Corporation needs to raise $60 million to finance its expansion into new markets. The company will sell new shares of equity via a general cash offering to raise the needed funds. If the offer price is $25 per share and the companys underwriters charge a spread of 7 percent, how many shares need to be sold? (Do not round intermediate calculations and round your final answer to nearest whole number. Enter your answer in dollars, not millions of dollars, e.g., 1,234,567.)

Number of shares offered