Meme Matix Ltd. requires $1.275 million to expand its services with a 6 percent underwriting spread. If the stock price is $30 a share and estimated issue costs are $154,000, how many shares of stock does Meme Matix Ltd. need to sell?
a) 51,687 shares
b) 47,634 shares
c) 52,350 shares
d) 50,492 shares
e) 50,674 shares