Your firm is selling 10 million shares in an IPO. You are targeting an offer price of $17.69 per share. Your underwriters have proposed a spread of 5.9%, but you would like to lower it to 3.9%. However, you are concerned that if you do so, they will argue for a lower offer price. Given the potential savings from a lower spread, how much lower can the offer price go before you would have preferred to pay 5.9% to get $17.69 per share?

The offer price would need to drop to $___. (Round to the nearest cent.)