Denver Mines Is Offering 50,000 Shares of Stock to the Public

Denver Mines is offering 50,000 shares of stock to the public in a best efforts cash offer.The offer price is $48 a share and the underwriter's spread is 9.3 percent.The administrative costs are estimated at $320,000.How much will Denver Mines net from this stock offering assuming 95 percent of the issue is sold?

A) $1,629,000
B) $1,646,000
C) $1,747,960
D) $1,705,450
E) $1,988,950