Jack's Camping Equipment Needs $30 Million to Finance a New

Jack's Camping Equipment needs $30 million to finance a new facility to manufacture outdoor grills. The management has met with underwriters who feel that the firm could sell additional shares of stock at $19 a share with a 7 % underwriting spread. The estimated issue costs are $315,000. How many shares of stock will Jack's need to sell if they choose firm commitment underwriting for their new facility?

A) 1,697,793 shares
B) 1,706,053 shares
C) 1,707,213 shares
D) 1,715,620 shares
E) 1,721,321 shares