The XYZ Co. recently raised several million dollars in an initial public offering. XYZ received $22 per share from the underwriter, the offering price was $25 per share, and the market price rose to $28 on the first day of trading. The spread paid by the underwriter was _______.

A) 12.0%

B) 13.6%

C) 24.0%

D) 27.3%

E) 28.0%