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Shanos Inc. would like to finance an experimental cost-saving procedure by issuing new common stock. The corporations existing common stock currently sells for $46.99. Management

Shanos Inc. would like to finance an experimental cost-saving procedure by issuing new common stock. The corporations existing common stock currently sells for $46.99. Management believes that they can issue new common stock at this price, incurring flotation costs of 6.66% of the current market price. What is the stocks new market price (net proceeds)? Submit your answer as a dollar amount and round your amswer to two decimal places

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