The Whistling Straits Corporation needs to raise $20 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. If the offer price is $25 per share and the company's underwriters charge a 10 percent spread, how many shares need to be sold?

Multiple Choice

• 853,333

• 800,000

• 888,889

• 924,444

• 727,273