The Whistling Straits Corporation needs to raise $40 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 an 9 percent spread. If the SEC filing fee and associated administrative expenses of the offering are $1,880,000, how many shares need to be sold?

P15-6 Calculating Flotation Costs [LO3] The Whistling Straits Corporation needs to raise $40 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 an 9 percent spread. If the SEC filing fee and associated administrative expenses of the offering are $1,880,000, how many shares need to be sold? Multiple Choice 1,150,549 1,196,571 960,550 1,098,901 1,047,000