Turbo Technology Corp. recently went public with an initial public offering of 3.08 million shares of stock. The underwriter used a firm commitment offering in which the net proceeds was $7.90 per share and the underwriter's spread was 7 percent of the gross proceeds. Turbo also paid legal and other administrative costs of $280,000 for the IPO. Calculate the gross proceeds per share received by Turbo from the sale of the 3.08 million shares of stock. $7.90 $8.50 $8.59 $7.99