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Zang Industries has hired the investment banking firm of Eric, Schwartz, &. Mann (ESM) to...

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Accounting

Zang Industries has hired the investment banking firm of Eric, Schwartz, &. Mann (ESM) to help it go public. Zang and ESM agree that Zang's current value
of equity is $58 million. Zang currently has 5 million shares outstanding and will issue 2 million new shares. ESM charges a 5% spread.
What is the correctly valued offer price? Do not round intermediate calculations. Round your answer to the nearest cent.
$
How much cash will Zang raise net of the spread (use the rounded offer price)? Write out your answer completely. For example, 5 million should be
entered as 5,000,000. Round your answer to the nearest dollar.
$
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