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FINRA Series 7

Category - Series 7

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Bubba Corporation has a registered public offering of 750,000 shares at $40. An underwriter of 30,000 shares is advised by the manager that its retention will be 70%. How many shares may the underwriter sell to its own customers?

30,000
21,000
9.000
as many as it can up to a maximum of 51,000

Explanation

Answer: B - 21,000. The underwriter is permitted to retain 70% of the 30,000 shares. The remaining 9,000 shares are kept in the pot by the manager.

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