Walton and Company is the managing investment banker for a major new underwriting. The price of the stock to the investment banker is $18 per share. Other syndicate members may buy the stock for $20.25. The price to the selected dealers group is $20.30, with a price to brokers of $21.20. Finally, the price to the public is $22.50.

1. If Walton and Company sells its shares to the dealers group, what will the percentage return be?

Note: Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.

1. If Walton and Company performs the dealers function also and sells to brokers, what will the percentage return be?

Note: Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.

1. If Walton and Company fully integrates its operation and sells directly to the public, what will its percentage return be?

Note: Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.