Your firm is selling 5 million shares in an IPO. You are targeting an offer price of $19.62 per share. Your underwriters have proposed a spread of 8.5%, but you would like to lower it to 6.5%. 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 8.5% to get $19.62 per share? The offer price would need to drop to $ (Round to the nearest cent.)