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Dons Captain Morgan, Inc. needs to raise $13.30 million to finance plant expansion. In discussions...

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Accounting

Dons Captain Morgan, Inc. needs to raise $13.30 million to finance plant expansion. In discussions with its investment bank, Dons learns that the bankers recommend an offer price (or gross proceeds) of $21.20 per share and Dons will receive $19.65 per share.

Calculate the underwriters spread per share on the issue. (Round your answer to 2 decimal places.)

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