The Do Drop Inn Requires $1

The Do Drop Inn requires $1.5 million to expand its dining room and catering services. The firm's underwriters require a 7.5 % spread and have set the stock price at $38 a share. The estimated issue costs are $145,000. How many shares of stock will Do Drop need to sell if it has a firm commitment underwriting?

A) 46,490 shares
B) 46,800 shares
C) 46,920 shares
D) 47,100 shares
E) 47,400 shares