Question: Roundtree Software is going public using an auction IPO. The firm has received the following bids: PRICE ($) NUMBER OF SHARES 14.00 120,000 13.80 280,000

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

PRICE ($) NUMBER OF SHARES
14.00 120,000
13.80 280,000
13.60 520,000
13.40 1,200,000
13.20 1,200,000
13.00 800,000
12.80 420,000

Assuming Roundtree would like to sell 2.12 million shares in itsIPO, what will be the winning auction offerprice?

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