Question: Roundtree Software is going public using an auction IPO. The firm has received the following bids: Number of Shares Price ($) 14.40 14.20 14.00 13.80

Roundtree Software is going public using an auction IPO. The firm has received the following bids: Number of Shares Price ($) 14.40 14.20 14.00 13.80 100,000 200,000 580,000 1,100,000 1,250,000 880,000 400,000 13.60 13.40 13.20 Roundtree had previously believed it would issue 2,000,000 shares; however, if Roundtree decides to issue an extra 485,000 shares (for a total of 2,485,000 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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