Question: Roundtree Software is going public using an auction IPO. The firm has received the following bids: Number of Shares Price ($) 14.80 14.60 14.40 14.20

Roundtree Software is going public using an auction IPO. The firm has received the following bids: Number of Shares Price ($) 14.80 14.60 14.40 14.20 160,000 200,000 500,000 1,150,000 1,280,000 860,000 400,000 14.00 13.80 13.60 Roundtree had previously believed it would issue 2,000,000 shares; however, if Roundtree decides to issue an extra 496,000 shares (for a total of 2,496,000 shares), how much total money will it raise? Roundtree will raise a total amount of $ million. (Round to one decimal place.)
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