Company B needs $3,500,000 (This is the amount required net of costs) to fund a project. The company plans to issue shares to raise the fund. It is expected that the company will pay yearly dividend at a constant growth rate of 4% p.a. effective. A dividend of $1.50 is payable in one year. If the cost of issuing shares is 2.5% and the rate of return is 16% p.a. effective. How many shares need to be sold?