Find the underwriters profit on the offer at various offer prices.

Casual Corners specializes in the underwriting of small companies. The terms of a recent offering were as follows:

Number of shares = 2 million

Offering price = $ 25 per share

Net proceeds = $45 million

Casual Corners' expenses associated with the offering were $500,000. Determine the company's profit on the offer if immediately after the offer began the secondary market price of each share was as follows:

a) $23 per share

b) $25 per share

c) $28 per share