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Rockwall Ltd. sold 100,000 shares in an initial public offering. The underwriter's explicit fees were $90,000. The

offering price for the shares was $25, but immediately upon issue, the share price jumped to $41. What is the best estimate of the total cost to Rockwall Ltd. of the equity issue?


A.  $1,070,000

B.  $1,130,000

C.  $1,690,000

D.  $2,390,000

E.  $4,470,000

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