Raven enterprises has just gone public under a firm commitment agreement the firm received 32$ for each of the 7.5 million shares sold. the initial offering price was 34.50$ per share and the stock rose to 38.25 per share in the first few minutes of trading. raven paid 1,685,000 in direct legal and other costs and 523,000 in direct costs. what was the underwritters spread of this offer