Suppose Petroxy Oll Co. is going public and, based on the bookbullding process, decides it will be issuing 150,000 shares of common stock to raise capital to fund the company's proposed expansion. Suppose a Dutch auction (an auction in which the auctioneer begins with a high asking price and lowers it until some bidder accepts the price) is used to allocate shares in the Petroxy Oil Co. IPO. The following table shows the number of shares requested by potential bidders. To sell the 150,000 shares, Petroxy 0a co.'s 150 minimum offer price should be The total amount of funding raised will be Given the typical 7 percent transaction cost due to the issuing furm, the IPO would result in a transaction cost of