Convex Incorporated sells 10 million shares of stock in an SEO—8 million being primary shares issued by the company and 2 million being secondary shares sold by investors in the company. At the time of the sale, Convex's stock was selling at $8.00

If the underwriter charges 4% of the gross proceeds as a fee, how much money was raised in the sale?
A) $61.44 million
B) $64.51 million
C) $98.30 million
D) $104.45 million

Answer: A