Macklemore Enterprises would like to go public to raise $10 million to support expected growth in Thrift Shops. Their investment bank charges the following: 5% underwriting spread for a firm commitment $347,262 in legal fees If 0.6 million shares will be issued to cover the proceeds it needs to fund its future investment, at what price should the IPO be set? (Hint: The offer price must be sufficient to cover the required net proceeds plus all fees and the underwriter's spread. Use this to solve for IPO price.)