Iver MfgWants to Raise $11

Iver Mfg.wants to raise $11.6 million to purchase equipment by issuing new securities.Management estimates the issue will cost the firm $284,000 for accounting,legal,and other costs.The underwriting spread is 6.5 percent and the issue price is $24 per share.How many shares of stock must be sold if the firm is to receive sufficient funds to purchase all its desired equipment?

A) 544,799 shares
B) 502,108 shares
C) 529,590 shares
D) 640,759 shares
E) 633,333 shares