Denver Mines Is Offering 45,000 Shares of Stock to the Public

Denver Mines is offering 45,000 shares of stock to the public in a general cash offer.The offer price is $48 a share and the underwriter's spread is 9.5 percent.The administrative costs are estimated at $360,000.How much will Denver Mines net from this stock offering assuming the issue is completely sold?

A) $1,629,000
B) $1,646,000
C) $1,594,800
D) $1,705,450
E) $1,988,950