Question: BR Inc. is going public using an auction IPO. The firm has received the following bids: Price ($) Number of Shares 14.20 160,000 14.00 200,000

BR Inc. is going public using an auction IPO. The firm has received the following bids:

Price ($)

Number of Shares

14.20

160,000

14.00

200,000

13.80

520,000

13.60

1,100,000

13.40

1,250,000

13.20

860,000

13.00

460,000

BR Inc. had previously believed it would issue 2,000,000 shares; however, if BR Inc. decides to issue an extra 501,000 shares (for a total of 2,501,000 shares), how much total money will it raise?

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