QUESTION 1 4.38 points Save Answer West Coast Manufacturing Company (WCMC) just executed an IPO. The investment bank that underwrote the issue charged a 7% underwriting spread and five million shares were sold to investors. At the close of trading on the offering day, the shares were trading at $32.50 per share. The company's other direct expenses associated with the offering were $1,000,000. If investors who bought shares at the offering price made an initial (first-day) return of 25%, what was the offering price? ENTER YOUR ANSWER WITHOUT A DOLLAR SIGN