An Investment Banker Agrees to a Firm Commitment Offering of 1.2

An investment banker agrees to a firm commitment offering of 1.2 million shares of Bally stock. The offer price is set at $25.50 and the spread is 30 cents per share. If the stock is actually sold to the public at $26.00,however,what is the amount of funds Bally receives? (Ignore any other fees or expenses.)

A) $31,200,000
B) $30,600,000
C) $30,240,000
D) $29,280,000
E) $28,120,000