The Elkmont Corporation needs to raise $52.4 million to finance its expansion into new markets. The company will sell ne

[answerhappygod]

The Elkmont Corporation needs to raise $52.4 million to finance
its expansion into new markets. The company will sell new shares of
equity via a general cash offering to raise the needed funds. The
offer price is $40 per share and the company’s underwriters charge
a spread of 8 percent.
What are the required proceeds from the sale necessary for the
company to pay the underwriter's spread?
How many shares need to be sold?