Problem 2 Electric Motors, Inc., is going public next month to raise the funds needed to finance the company's future growth. The company estimates that it needs S45 million to support its expected growth. The underwriting fees charged by the selected investment banking firm are based on the schedule provided in the following table: Issue Size ($ million Under 10.0 10.0 - 19.9 20.0 - 39.9 40.0 - 59.9 60.0 - 79.9 80.0 - 99. 9 2 100.0 - 199.9 200.0 - 499. 9 2 500 and larger Equity Seasoned Issues IPOs 13.3% 17.0% 8.7% 11.6% 6.9% 9.7% 5.9% 8.796 Bonds Convertible 8.8% 8.796 6.1 4.396 3.2% 3.0% 2.896 2.2% Straight 4.4% 2.8% 2.4% 11.396 2.3% .2% 2.3% .2% 1.69 4.79 7.996 In addition, it is estimated that Electric Motors, Inc. will incur $350,000 in other expenses related to the IPO. If Electric Motors, Inc.'s stock can be sold for $30.40 per share, how many shares must be issued to net the company the S45 million needed? Show your work