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 $25 per share and the company's underwriters charge an 7 percent spread. If the SEC filing fee and associated administrative expenses of the offering are $1,400,000, how many shares need to be sold?

Multiple Choice

• 1,851,871

• 1,720,430

• 1,780,645

• 1,547,664

• 1,656,000