The EastBank Hotel requires $1.2 million to expand its dining room and catering services. The hotel's underwriters require a 7.5% spread and have set the stock price at $28 a share. The estimated issue costs are $240,000. How many shares of stock (closest number) will EastBank need to sell if it has a firm commitment underwriting? A. 46,330 shares B. 42,860 shares C. 51,430 shares D. 55,600 shares E. 54,135 shares