A company is planning an IPO of 10 million shares. Each share is expected to sell at $10 per share. The investment banker will charge an 8% spread and incur expenses of $500,000. How much will the company receive if all shares sell at the expected price?
a. $91,450,000
b. $92,000,000
c. $100,000,000
d. $91,500,000
e. none of the above