XYZ, Inc., has issued 11 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 9.7 million shares for $28 per share, and it charges XYZ $0.740 per share sold.

a. How much money does XYZ receive after commission? (Enter your answer in dollars not in millions. Do not round intermediate calculations.)

ANSWER: Net proceeds after commission $_____

b. What is the profit to the investment bank? (Enter your answer in dollars not in millions. Do not round intermediate calculations.)

ANSWER: Profit to the investment bank $_____

c. What is the stock price of XYZ?

ANSWER: Stock price of XYZ $_____