Your firm is expanding and you need $13 million to help fund this growth. You estimate that you can sell new shares of stock for $30 a share. You also estimate that it will cost you $280,000 for legal, accounting, and other costs related to the stock issue. The underwriters have agreed to a 6 percent spread. How many shares of stock must you sell if you are going to have $13 million available for your expansion needs?

417,610 shares 449,440 shares 460,993 shares 470,922 shares 416,107 shares