Stephens Start-ups, Inc. is selling 2 million shares in an IPO. The target price is $25 per share. The investment bank is asking for a spread of 7%. We would prefer the spread to be lower, but fear that the investment bank will then want a lower offer price to reduce their risk. How much money will the firm receive if the offer price is $25 per share and the spread is 7%. If you insist on a lower spread and are willing to accept a price as low as $24 per share, then how high can the spread be before you would have preferred a 7% spread and $25 per share price?