The Wrigley Corporation needs to raise $27 million. The investment banking firm of Tinkers, Evers & Chance will handle the transaction.

a. If stock is utilized, 1,900,000 shares will be sold to the public at $16.45 per share. The corporation will receive a net price of $14.00 per share. What is the percentage underwriting spread per share? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)

b. If bonds are utilized, slightly over 26,600 bonds will be sold to the public at $1,008 per bond. The corporation will receive a net price of $992 per bond. What is the percentage of underwriting spread per bond? (Relate the dollar spread to the public price.) (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)