ADP, Inc. needs to raise $32 million to finance its expansion into new markets. The company will sell new shares of equity via a general cash offering to raise the needed funds. If the offer price is $45 per share and the company's underwriters charge an 8.25 percent spread, how many shares need to be sold?
648,729 shares
691,208 shares
723,467 shares
775,053 shares
775,323 shares