Steel City Motors wants to have an initial public offering. Their investment bank presents two options for the initial issue: a fixed commitment offer of $5,800,000, or a best-efforts arrangement where the investment bank receives $2.80 per share offered to the public. Steel City intends to sell 1,000,000 shares at a price of $8. If 100% of the shares are sold at the predetermined price, which of the following statements is accurate? a. Choose the best efforts arrangement because it provides additional proceeds of $521,739 b. Choose the fixed-commitment arrangement because it provides additional proceeds of $600,000 c. Choose the fixed-commitment arrangement because it provides additional proceeds of $690,000 d. Choose the best efforts arrangement because it provides additional proceeds of $690,000 e. Choose the best efforts arrangement because it provides additional proceeds of $600,000