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X Your answer is incorrect Fortune Hotels issues an IPO on a best-effort basis

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X Your answer is incorrect Fortune Hotels issues an IPO on a best-effort basis. The company's investment bank requires a spread of 20 percent of the selling price. Five million shares are issued. The average selling price is expected to be $31. How much did the investment bank receive? O $22.0 million $27.5 million $31.0 million None of the above