13-8 Abacus Corporation needs to raise $20 million to finance its expansion into new markets. The company will sell new shares of equity via a general cash offering to raise the needed funds. If the...

Abacus Corporation needs to raise $20 million to finance its expansion into new markets. The company will sell new shares of equity via a general cash offering to raise the needed funds. If the offer price is $48 per share and the company’s underwriter charges an 8% spread, how many shares need to be sold?