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when issuing new stock, a firm received $50 million while the underwriting spread was $4 million and total direct expenses were $6 million. the percentage

when issuing new stock, a firm received $50 million while the underwriting spread was $4 million and total direct expenses were $6 million. the percentage of the proceeds absorbed by direct expenses was: a. 7.14% b. 8% c. 10.71% d. 12%

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