Northern Importers Wants to Raise $58 Million to Expand Its

Northern Importers wants to raise $58 million to expand its operations into South America. The company will sell new shares of common stock using a general cash offering. The underwriters charge a 7.8 percent spread, the administrative costs are $411,000, and the offer price is $36 per share. How many shares of stock must be sold if the firm is to raise the funds it desires?

A) 1,648,315 shares
B) 1,759,792 shares
C) 1,811,502 shares
D) 1,989,415 shares
E) 2,051,515 shares