Question Five: Flotation Costs (Total 2 marks) For an expansion into new markets, NewTech Building L.td plans to raise $66 million to finance this expansion. The company will issue new shares of equity through a general cash offering to raise the finds. a. If the offer price of new shares is $23 per share and the company's underwritiers charge a spread of 7.5%, how many shares need to be sold to raise the funds needed? Clearly show all steps, calculations and final answer. [Where applicable, round the final answer for a whole number of shares.] (1) inark) Click here to enter text. b. In addition to the above, the filing foe and associated administrative expenses of the offering are $1,550,000. How many shares need to be sold now? Clearly show all steps, calculations and final answer. [Where applicable, round the final answer up for a whole number of shares.] ( 1 matk) Click here to enter text