Assume an Issuer Incurs $1 Million in Other Expenses to Sell

Assume an issuer incurs $1 million in other expenses to sell 3 million shares at $40 each to an underwriter and the underwriter sells the shares at $43 each.By the end of the first day's trading,the issuing company's stock price had risen to $70.In percentage terms,how much of the day's closing market value was absorbed by the total costs associated with the issue?

A) 13.33%
B) 23.33%
C) 33.33%
D) 43.33%