DiPitro's Paint and Wallpaper, Inc., needs to raise $2.493 million to finance plant expansion. In discussions with its investment bank, DiPitro's learns that the bankers recommend a gross price of $45 per share and that 60,000 shares of stock be sold. The net proceeds on the stock sale leaves DiPitro's with $2.493 million.
Calculate the underwriter's spread in dollars per share on the stock issue. (Round your answer to 3 decimal places.)
Calculate the underwriter's spread in percentage on the stock issue. (Round your answer to 2 decimal places.)