The Apple Co. needs to raise $100 million to finance its expansion into new markets. The company will sell new shares of equity via a general cash offering to raise the needed funds. The offer price is $20 per share and the company's underwriters charge a spread of 10%. If the other direct costs are $5 million and indirect costs are $3 million. How many shares need to be sold?

Question 8 1 pts The Apple Co. needs to raise $100 million to finance its expansion into new markets. The company will sell new shares of equity via a general cash offering to raise the needed funds. The offer price is $20 per share and the company's underwriters charge a spread of 10%. If the other direct costs are $5 million and indirect costs are $3 million. How many shares need to be sold? (Please put the number of shares, do not put millions of shares. For example, if you get 2.7 million shares, write it as 2,700,000; For instance, if you get an answer like 7985.8981 shares, round your answer to 7986) ) 1 Next