Zimba Technology Corp. recently went public with an initial public offering of 2.9 million shares of stock. The underwriter used a firm commitment offering in which the net proceeds were $7.98 per share and the underwriters spread was 5 percent of the gross proceeds. Zimba also paid legal and other administrative costs of $254,000 for the IPO.

Calculate the gross proceeds per share. (Round your answer to 2 decimal places.)

$7.98 *(1-.05) = 8.40

Gross proceeds

8.40 $ per share

Calculate the total funds received by Zimba from the sale of the 2.9 million shares of stock. (Enter your answer in millions of dollars rounded to 3 decimal places.)