a$)$ The Wed Link Inc. wants to raise capital by issuing $1,000,000$ shares of common stock. They contact a few investment bankers and the one with the best offer has presented them with a firm commitment offer of $$8\mathrm{.}50$ per share. The stock is expected to open at $$11.$ What are the expected proceeds to Wed Link and what is the expected spread for the investment bank if $100\%$ of the shares are sold? What if only $75\%$ of the shares are sold?

b$)$ Recall Wed Link from before $(1,000,000$ shares, expected price of $$11).$ They are contacted by a competing investment back with a best$-$efforts arrangement in which the new investment banker will receive $$1\mathrm{.}25$ per share for every share of stock sold. Again, what are the expected proceeds to Wed Link and what is the expected spread for the investment bank if $100\%$ of the shares are sold? What if only $75\%$ of the shares are sold?