Your firm is selling 4 million shares in an IPO. You are targeting an offer price of $19.54 per share. Your underwriters have proposed a spread of 6.8%, but you would like to lower it to 5.8%. 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 6.8% to get $19.54 per share? The offer price would need to drop to $ (Round to the nearest cent.)