Problem 3 (10 marks) Luther Industries is in the process of selling shares of stock in an auction IPO. At the end of the bidding period, Luther's investment bank has received the following bids: Price ($) Number of Shares Bid $19.50 50,000 $19.25 25,000 $19.10 25,000 $19.00 100,000 $18.75 125,000 $18.50 75,000 $18.25 150,000 $18.00 240,000 $17.75 80,000 $17.50 125,000 $17.25 150,000 $17.00 100,000 $16.90 60,000 $16.75 80,000 $16.50 75,000 $16.25 200,000 a) What will the offer price of these shares be if Luther is selling 1 million shares? (5 marks) b) What are the proceeds from the IPO if Luther is selling 1.25 million shares (instead of selling 1 million shares)? (5 marks)