Question: Roundtree Software is going public using an auction IPO. The firm has received the following bids: Price ($) Number of Shares 14.20 14.00 13.80 13.60

Roundtree Software is going public using an auction IPO. The firm has received the following bids: Price ($) Number of Shares 14.20 14.00 13.80 13.60 13.40 13.20 13.00 140,000 260,000 560,000 1,200,000 1,250,000 800,000 440,000 Roundtree had previously believed it would issue 2,200,000 shares; however, if Roundtree decides to issue an extra 550,000 shares (for a total of 2,750,000 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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