Anderson Anchor Corporation needs to raise $54 million to support its expansion plans. Andersons investment banker normally

Question:

Anderson Anchor needs to raise $54 million to support its expansion plans. Anderson’s investment banker normally charges 10 percent of the market value to handle an equity issue. If the price of Anderson’s stock is expected to be $12, how many shares of stock must be issued so that the company receives the needed $54 million?

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...