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XYZ , Inc. has issued 1 0 million new shares of stock. An investment bank agrees to underwrite these shares on a best efforts basis.

XYZ, Inc. has issued 10 million new shares of stock. An investment bank agrees to underwrite these shares on a best efforts basis. The investment bank is able to sell 7.9 million shares for $27 per share, and it charges XYZ $0.675 per share sold, How much money does XYZ receive? What is the profit to the investment bank? What is the stock price of XYZ?(LG 16-2)

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