Your firm is expanding and you need $18 million to help fund this growth. You estimate that you can sell new shares of stock for $20 a share. You also estimate that it will cost you $440,000 for legal, accounting, and other costs related to the stock issue. The underwriters have agreed to a 4 percent spread. How many shares of stock must you sell if you are going to have $18 million available for your expansion needs?

913,120 shares

960,417 shares

937,500 shares

885,120 shares

886,538 shares