Kurt Currently Owns 3

Kurt currently owns 3.4 percent of Northeastern Transportation.The company has a total of 438,000 shares outstanding with a current market price of $26.20 a share.At present,the firm is offering an additional 25,000 shares at a price of $25 a share.Kurt decides not to participate in this offering.What will his ownership position be after the offering is completed?

A) 3.06 percent
B) 3.22 percent
C) 3.27 percent
D) 3.40 percent
E) 3.51 percent