The Wrigley Corporation needs to raise $$29$ million. The investment banking firm of Tinkers, Evers & Chance will handle the transaction.

a$.$ If stock is utilized, $2,100,000$ shares will be sold to the public at $$15\mathrm{.}50$ per share. The corporation will receive a net price of $$14\mathrm{.}00$ per share. What is the percentage underwriting spread per share?

Note: Do not round intermediate calculations. Enter your answer as a percent rounded to $2$ decimal places.

Underwriting spread per share

b$.$ If bonds are utilized, slightly over $29,400$ bonds will be sold to the public at $$1,001$ per bond. The corporation will receive a net price of $$997$ per bond. What is the percentage of underwriting spread per bond? $($Relate the dollar spread to the public price.$)$

Note: Do not round intermediate calculations. Enter your answer as a percent rounded to $2$ decimal places.

Underwriting spread per bond

c$-1.$ Which alternative has the larger percentage of spread?

Stock

Bond