The Educated Horses Corporation needs to raise $60 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 SEC filing fee and associated administrative expenses of the offering are $900,000. If the offer price is $21 per share and the companys underwriters charge a 9 percent spread, how many shares need to be sold?

a) 2,857,143 shares

b) 3,186,814 shares

c)2,900,000 shares

d) 3,110,882 shares

e) 3,039,717 shares