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Problem $18-02($Underwriting and Flotation Expenses$)$

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The Fryberry Company, whose stock price is now $$35,$ needs to raise $$28$ million in common stock. Underwriters have informed the firm's management that they must price the new issue to the public at $$33$ per share because of signaling effects. The underwriters' compensation will be $5\%$ of the issue price, so Fryberry will net $$31\mathrm{.}35$ per share. The firm will also incur expenses in the amount of $$110,000.$ How many shares must the firm sell to net $$28$ million after underwriting and flotation expenses? Do not round intermediate calculations. Round your answer to the nearest whole number.

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Problem $18-02($Underwriting and Flotation Expenses$)$

Question $2$ of $5$