Suppose Sally Rubber 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 company's 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 Sally Rubber Co. IPO. The following table shows the number of shares requested by potential bidders. To sell the 500,000 shares, Sally Rubber 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