Tyson Enterprises Has Decided to Take Its Company Public by Offering

Tyson Enterprises has decided to take its company public by offering a total of 80,000 shares of common stock to the public in an initial public offering (IPO) . Tyson has hired an underwriter who arranges a full commitment underwriting and suggests an initial selling price of $32 a share with a 9 % spread. As it turns out, the underwriters only sell 68,500 shares. How much cash will Tyson receive from the IPO?

A) $1,840,400
B) $1,994,720
C) $2,192,000
D) $2,329,600
E) $2,560,000