A firm needs to raise external funds to finance its new project. It needs to raise $17 million in new equity. Its investment bankers will charge 7%. of the issue as a fee; in other words, the stock will be underpriced by 7%. How much will the firm need to issue in order to net $17 million? (In other words, how much must the amount issued be so that when 7% is taken out as a transaction cost, the firm will be left with $17 million to use on its new project?)
Do NOT include dollar sign or term "millions". Ex: If answer is $47.12 million write 47.12