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Wright Brothers, Inc, sold 5 million shares in its IPO, at a price of $17.00 per share. Management negotiated a fee (the underwriting spread) of

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Wright Brothers, Inc, sold 5 million shares in its IPO, at a price of $17.00 per share. Management negotiated a fee (the underwriting spread) of 7% on this transaction. What was the dollar cost of this fee? The cost of the underwriter fees was $ million (Round to two decimal places.)

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