LaJolla Securities Inc. specializes in the underwriting of small companies. The terms of a recent offering were as follows: LaJolla Securities’ expenses, associated with the offering, were $500,000....

LaJolla Securities Inc. specializes in the underwriting of small companies. The terms of a recent offering were as follows:

LaJolla Securities’ expenses, associated with the offering, were $500,000. Determine LaJolla Securities’ profit on the offering if, immediately after the offering began, the secondary market price of each share was as follows:

a. $23 per share

b. $25 per share

c. $28 per share