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Superman Enterprises has just completed an initial public offering. The firm sold 1,200,000 new shares at an offer price of $13.50 per share. The underwritering

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Superman Enterprises has just completed an initial public offering. The firm sold 1,200,000 new shares at an offer price of $13.50 per share. The underwritering spread was $1.03 a share. The firm incurred $225,000 in legal, administrative, and other costs. What was the cost to the firm of the underwriting spread

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