Toogood Inc. decided in early 2014 to undergo an IPO. The IPO was intended to raise $10M by floating (i.e. issuing to the public) 1M shares corresponding to 1/2 of total outstanding shares. The other 1M shares are still held by the founder Matt Toogood. The issue price wasset to be $12 per share. The underwriting fees were $2M. On the day of the IPO, the stock price closed at $15. How much was total the cost of issuing the shares?

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