Calculating Costs of Issuing Stock Turbo Technology Corp

Calculating Costs of Issuing Stock Turbo Technology Corp. recently went public with an initial public offering of 3 million shares of stock. The underwriter used a firm commitment offering in which the net proceeds was $7.50 per share and the underwriter's spread was 9 percent of the gross proceeds. Turbo also paid legal and other administrative costs of $200,000 for the IPO. Calculate the gross proceeds per share received by Turbo from the sale of the 3 million shares of stock.

A) $7.50
B) $7.57
C) $8.24
D) $8.32