Benjamin Garcia's start-up business is succeeding, but he needs $209,000 in additional funding to fund continued growth. Benjamin and an angel investor agree the business is worth $836,000 and the angel has agreed to invest the $209,000 that is needed. Benjamin presently owns all 37,000 shares in his business. Because the stock will be sold directly to an investor, there is no spread; the other flotation costs are insignificant.
Questions:
1) What is a fair price per share? Round your answer to the nearest cent.
2) How many additional shares must Benjamin sell to the angel? Round your answer to the nearest whole.