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The Wrigley Corporation needs to raise $ 2 9 million. The investment banking firm of Tinkers, Evers & Chance will handle the transaction. a .

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 $15.50 per share. The corporation will receive a net price of $14.00 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.
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