Question: The St . Anger Corp. needs to raise $ 4 8 million to finance its expansion into new markets. The company will sell new shares

The St

.

Anger Corp. needs to raise $

48

million to finance its expansion into new markets. The company will sell new shares of equity via a general cash offering to raise the needed funds. If the offer price is $

44

per share and the company

s underwriters charge an

9

percent spread, how many shares need to be sold?

(

Do not round the intermediate calculations. Round your final answer to the nearest whole number.

)

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