Winston Sporting Goods is considering a public offering of common stock. Its investment banker has informed the company that the retail price will be $17.65 per share for 560,000 shares. The company will receive $16.10 per share and will incur $145,000 in registration, accounting, and printing fees.

a-1. What is the spread on this issue in percentage terms? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)

Spread ________%

a-2. What are the total expenses of the issue as a percentage of total value (at retail)? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)

Expenditure percentage _____%

b. If the firm wanted to net $19.98 million from this issue, how many shares must be sold? (Do not round intermediate calculations. Enter your answer rounded to the nearest whole number.)

Shares __________