Question: Roundtree Software is going public using an auction IPO. The firm has received the following? bids: Price ($) Number of Shares 14.00 140,000 13.80 220,000

Roundtree Software is going public using an auction IPO. The firm has received the following? bids:

Price ($) Number of Shares

14.00 140,000

13.80 220,000

13.60 580,000

13.40 1,000,000

13.20 1,240,000

13.00 800,000

12.80 420,000

Assuming Roundtree would like to sell 1.94 million shares in its IPO, what will be the winning auction offer? price?

(Round to the nearest cent.)

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