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The Market Place, Inc. recently offered 5,000 shares of stock via a Dutch auction. The firm received bids as follows: 500 shares at $22.50 per
The Market Place, Inc. recently offered 5,000 shares of stock via a Dutch auction. The firm received bids as follows: 500 shares at $22.50 per share; 2,500 shares at $22.20 per share; 3,300 shares at $22 per share; and 5,500 shares at $21 per share. For simplicity assume there are no direct costs. How much will the firm receive from this auction? (Hint: determine the offer price and then multiple it by the number shares offered)
a.$110,000
b. $105,000
c. $138,600
d.$112,500
e.$247,800
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