Superman Enterprises has just completed an initial public offering. The firm sold 4,750,000 new shares at an offer price of $13.50 per share. The underwritering spread was $1.46 a share. The firm incurred $175,000 in legal, administrative, and other costs. What was the cost to the firm of the underwriting spread? 6935000 Correct response: 6,935,000 Click "Verity" to proceed to the next part of the question. Suppose that on the first day of trading, the price of Superman's stock is $16.40 per share. What is the cost to the firm from the underpricing? 13775000 Correct response: 13,775,800 Click "Verity" to proceed to the next part of the question Given that the cost of the underwriting spread is $6,935,000 and the cost of underpricing is $13,775,000, what are the total costs of the issue to the firm as a percentage of the funds raised (the total amount paid by investors)? Enter your answer as a percentage rounded to two decimal places. Do not inlude the percentage sign in your answer. Number Click "Verity" to proceed Section Attempt 1 of 1 Verify