Penelope’s Flower Shop, Inc., is looking to raise $25 million to finance firm expansion. When discussing the matter with its investment bank, the firm finds out that the bankers recommend a gross proceeds price of $35 per share, and that they’ll charge an underwriter’s spread of 5.6 percent of the gross price. Calculate the net proceeds price to Penelope’s from the sale of stock. How many shares of stock will the company have to sell to receive the $25 million it needs?
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