Zang Industries has hired the investment banking firm of Eric, Schwartz, & Mann $($ESM$)$ to help it go public. Zang and ESM agree that Zang's current value of equity is $$62$ million. Zang currently has $3$ million share outstanding and will issue $1\mathrm{.}4$ million new shares. ESM charges an $8\%$ spread.

What is the correctly valued offer price? Do not round intermediate calculations. Round your answer to the nearest cent.

$ How much cash will Zang raise net of the spread $($use the rounded offer price$)?$ Write out your answer completely. For example, $5$ million should be entered as $5,000,000.$ Round your answer to the nearest dollar.

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