Your firm seeks to raise $10m in an IPO to expand the business.

The underwriting investment bank will charge a 6% fee of the total amount raised (before fees).

You intend to pay them using part of the cash amount raised.

How much should you raise in total to end up with $10m after paying the fee?

Select one:

a.$9.4

b.$10m

c.$10.52749332m

d.$10.6

e.$10.63829787m