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Question
An investment banker agrees to underwrite an issue of 10 million shares of stock for Rochester Industries on a best-efforts basis. The investment banker is able to sell 8 million shares for $10.50 per share, and it charges Rochester Industries $0.225 per share sold.
How much money does Rochester Industries receive?
A. $15,000,000.
B. $84,000,000.
C. $76,200,000.
D. $82,200,000.
E. $110,000,000.
Answer
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