Anderson Anchor Corporation needs to raise $54 million to support its expansion plans. Anderson’s investment banker normally charges 10 percent of the market value to handle an equity issue. If the...

Anderson Anchor Corporation needs to raise $54 million to support its expansion
plans. Anderson’s investment banker normally charges 10 percent of the
market value to handle an equity issue. If the price of Anderson’s stock is
expected to be $12, how many shares of stock must be issued so that the
company receives the needed $54 million?