Question: Barncat Light sold 2 0 0 , 0 0 0 shares in an initial public offering. The underwriter's explicit fees were $ 9 0 ,

Barncat Light sold 200,000 shares in an initial public offering. The underwriter's
explicit fees were $90,000. The offering price for the shares was $35, but immediately
upon issue, the share price jumped to $43. What is the best estimate of the total cost to Barnegat Light of the equity issue?

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