Calculating Costs of Issuing Stock Turbo Technology Corp. recently went public with an initial public offering of 3.02 million shares of stock. The underwriter used a firm commitment offering in which the net proceeds was $7.60 per share and the underwriter's spread was 5 percent of the gross proceeds. Turbo also paid legal and other administrative costs of $220,000 for the IPO. Calculate the gross proceeds per share received by Turbo from the sale of the 3.02 million shares of stock.
A) 8.01 B) 7.67 C) 8.08 D) 7.60