Pearson, Inc. is offering 40,000 shares in an initial public offering. The underwriters have agreed upon a best efforts offering with an offer price of $25 and a 7 percent spread. The underwriters were able to sell 28,500 shares to the general public. The stock opened at a price of $28 a share on its first day of trading. How much did Pearson, Inc. receive from this offering?
a) $1,120,000
b) $930,000
c) $742,140
d) $712,500
e) $662,625