An investment banker agrees to a firm commitment offering of 1.2 million shares of Bally stock. The offer price is set at $25.50 and the spread is 30 cents per share. If the stock is actually sold to the public at $26.00, however, what is the amount of funds Bally receives? A) $31,200,000B) $30,600,000C) $30,240,000D) $29,280,000E) $28,120,000
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