The Company, whose stock price is now $56, needs to raise $25 million in common stock. Underwriters have informed the firm's management that they must price the new issue to the public at $50 per share because of signaling effects. The underwriters' compensation will be 6% of the issue price, so the company will net $47 per share. The firm will also incur expenses in the amount of $200,000.

How many shares must the firm sell to net $25 million after underwriting and flotation expenses? Do not round intermediate calculations. Round your answer to the nearest whole number.

a.	531,915
b.	500,000
c.	536,170
d.	450,000
e.	504,000