Importers/Exporters Inc. wants to underwrite a stock issue for the purchase of $21 million of new equipment. Management estimates the issue will cost the firm $320,000 for accounting, legal, and other costs. The underwriting spread is 7.5% and the issue price is $22/share. How many shares of stock must be sold to receive sufficient funds to purchase all the equipment?
908,010
1,021,121
1,047,666
1,147,666
1,151,333