Suppose Petroxy Oil Co. is going public and, based on the bookbuilding process, decides it will be issuing 500,000 shares of common stock to raise capital to fund the companys proposed expansion. Suppose a Dutch auction (an auction in which the auctioneer begins with a high asking price and lowers it until some bidder accepts the price) is used to allocate shares in the Petroxy Oil Co. IPO. The following table shows the number of shares requested by potential bidders.

Bids	Number of Shares Requested	Price per Share
Bidder 1	50,000	$64
Bidder 2	100,000	$59
Bidder 3	150,000	$50
Bidder 4	200,000	$47
Bidder 5	250,000	$43
Bidder 6	300,000	$37

To sell the 500,000 shares, Petroxy Oil Co.s IPO minimum offer price should be

.

The total amount of funding raised will be

.

Given the typical 7 percent transaction cost due to the issuing firm, the IPO would result in a transaction cost of