The Art Works Needs to Raise $6

The Art Works needs to raise $6.2 million for a new facility.Assuming they issue new equity shares via a general cash offering, they expect to incur administrative costs of $412,000 in addition to the underwriting spread of 7.8 percent.If the offer price turns out to be $16 a share, how many shares need to be sold to finance the new facility?

A) 448,210 shares
B) 454,743 shares
C) 406,211 shares
D) 405,141 shares
E) 487,923 shares