When Microsoft went public, the company sold two million new shares $($the primary issue$).$ In addition, existing shareholders sold $0\mathrm{.}5$

million shares $($the secondary issue$)$ and kept $21\mathrm{.}3$ million shares. The new shares were offered to the public at $$21$ and the

underwriters received a spread of $$1\mathrm{.}22$ a share. At the end of the first day's trading, the market price was $$37$ a share.

a$.$ How much money did the company receive after paying its portion of the direct costs? $($Round your answer to $2$ decimal places.$)$

b$.$ How much did the existing shareholders receive from the sale after paying their portion of the direct costs? $($Round your answer to

$3$ decimal places.$)$

c$.$ If the issue had been sold to the underwriters for $$33$ a share, how many shares would the company have needed to sell to raise the

same amount of cash? $($Round your answer to $3$ decimal places.$)$

Number of shares

million

d$.$ How much better off would the existing shareholders have been? $($Round your answer to $3$ decimal places.$)$