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problem: The Pasta Maker needs to raise 16 dollar million to update its machinery. Management estimates that it will cost the firm 240,000 dollar for accounting, legal, & other costs related to the issuance of securities for this purpose. The underwriting spread is 8 percent and the issue price is 24 dollar a share. Determine how many shares of stock must The Pasta Maker sell to finance its new machinery?

[A] 735,507 shares

[B] 748,211 shares

[C] 794,348 shares

[D] 26,543 shares

[E] 676,667 shares

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