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The Markham Machine Corporation requires $85 million to finance an expansion. The company will sell new common shares via a general cash offering to raise

The Markham Machine Corporation requires $85 million to finance an expansion. The company will sell new common shares via a general cash offering to raise the required funds. If the offer price is $16 per share and the company's underwriters charge an 8% spread, how many shares need to be sold?

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