Your firm is selling 10 million shares in an IPO. You are targeting an offer price of $ $18.09 per share. Your underwriters have proposed a spread of 6.2%, but you would like to lower it to 4.2%. 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 6.2% to get $18.09 per share?

The offer price would need to drop to $ nothing. (Round to the nearest cent.)