Suppose, instead, that the investment banker agrees to underwrite the 10 million shares on a best-efforts basis. The investment banker is able to sell 8.4 million shares for $25.50 per share, and it charges XYZ Corp. $ 0.5 per share sold. $25.50 includes the commission.

a) How much money does XYZ Corp. receive?

b) What is the profit to the investment banker?

c) If the investment bank can sell the shares for only $24.75, how much money does XYZ Corp. receive?

d) What is the profit to the investment banker?