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19-02-2024
Business

Answered

Jasmine Flowers must raise $348 million for its future expansion. To do so, Jasmine expects to issue new common stock. Investment bankers have informed the company the flotation costs will be 5.5 percent of the total amount issued plus $232,500 in additional costs associated with the issue. Jasmine can issue its stock for $55 per share. Determine how many shares Jasmine must sell to net $348 million after flotation costs. Round your answer to the nearest whole number.

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