Wear Ever is expanding and needs $8 million to help fund this growth. The firm estimates it can sell new shares of stock for $20 a share. It also estimates it will cost an additional $250,000 for filing and legal fees related to the stock issue. The underwriters have agreed to a 6 percent spread. How many shares of stock must the firm sell if it is going to have $8 million available for its expansion needs?

438,830 shares

526,596 shares

307,181 shares

394,947 shares

614,362 shares