The Huang Corporation needs to raise $86 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 $40 per share and the company's underwriters charge a spread of 8 percent. If the SEC filing fee and associated administrative expenses of the offering are $975,000, how many shares need to be sold? (Do not round intermediate calculations and round your final answer to nearest whole number. Enter your answer in dollars, not millions of dollars, i.e. 1,234,567.)

Number of shares offered: 2,310,462 <<< This is what I got, but Connect is saying it's incorrect!? What am I doing wrong?? 86,000,000 - 975,000 = 85,025,000 85,025,000 / (1 - .08) = 85,025,000 / .92 = 92418478 92418478 / 40 = $2,310,462