Use the Information for the Question(s) Below

Use the information for the question(s) below.
Luther Industries is in the process of selling shares of stock in an auction IPO. At the end of the bidding period, Luther's investment bank has received the following bids:

-The proceeds from the IPO be if Luther is selling 1.25 million shares is closest to:

A) $20.6 million
B) $21.6 million
C) $21.1 million
D) $20.9 million