Nu Tech Wants to Raise $21 Million to Purchase Equipment

Nu Tech wants to raise $21 million to purchase equipment by issuing new securities. Management estimates the issue will cost the firm $320,000 for accounting, legal, and other costs. The underwriting spread is 7.5 percent and the issue price is $21 per share. How many shares of stock must be sold if Nu Tech is to receive sufficient funds to purchase all the desired equipment?

A) 1,008,010 shares
B) 1,021,121 shares
C) 1,097,555 shares
D) 1,102,048 shares
E) 1,110,333 shares