Bejeweled, a Chain of Crafting Shops, Is Selling 500,000 Shares

question 20

Multiple Choice

$$\begin{array}{l}\begin{array} { l r } \text { Price (\$}&\text {) Number of Shares Bid }\\\hline3.00 & 100,000 \\3.25 & 100,000 \\3.50 & 150,000 \\3.75 & 100,000 \\4.00 & 40,000 \\4.25 & 80,000 \\4.50 & 150,000 \\4.75 & 65,000\end{array}\end{array}$$ Bejeweled, a chain of crafting shops, is selling 500,000 shares in an auction IPO. At the end of the bidding period they have received the bids shown above. Which of the following is closest to the price at which the shares will be offered?

• A) $3.50
• B) $4.75
• C) $4.25
• D) $3.75

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