Use the following information to answer the question(s) below. Apollo Group has 13 million shares outstanding and is about to issue 7 million new shares in an IPO. The IPO price has been set at $20 per share, and the underwriting spread is 7.5%. The IPO is a big success with investors, and the share price rises to $30 the first day of trading. B 57. The amount that Apollo Group raised during the IPO is closest to: A) $110 million B) $130 million C) $150 million D) $120 million E) $140 million 58. The amount that Apollo Group pays as an underwriting spread closest to: A) $6 million B) $7 million C) $10 million D) $17 million D 59. The market value of Apollo Group after the IPO is closest to: A) $330 million B) $350 million C) $590 million D) $600 million