Ying Corporation, Inc.plans to issue 10 million additional shares of its stock.The investment bank recommends net proceeds of $19.90 per share and will charge an underwriter's spread of 5.5% of the gross proceeds.In addition, Ying Corporation must pay $2 million in legal and other administrative expenses.Calculate the gross proceeds and the total funds received by Ying Corporation from the sale of the 10 million shares of stock.
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