Enabled: Exam $1($i$)$

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Under a firm commitment agreement, Zeke, Company went public and received $$32\mathrm{.}25$ for each of the $7\mathrm{.}7$ million shares sold. The initial offer price was percentage of funds raised?

Multiple Choice

$27\mathrm{.}90\%$

$29\mathrm{.}44\%$

$17\mathrm{.}20\%$

$8\mathrm{.}78\%$