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Luther Industries is in the process of selling shares of stock in an auction IPO.  At the end of the bidding period, Luther's investment bank has received the following bids:

Price ($)	Number of Shares Bid
$19.50	50,000
$19.25	25,000
$19.10	25,000
$19.00	100,000
$18.75	125,000
$18.50	75,000
$18.25	150,000
$18.00	240,000
$17.75	80,000
$17.50	125,000
$17.25	150,000
$17.00	100,000
$16.90	60,000
$16.75	80,000
$16.50	75,000
$16.25	200,000

The proceeds from the IPO be if Luther is selling 1.25 million shares is closest to:

▸ $21.6 million

▸ $21.1 million

▸ $20.6 million

▸ $20.9 million

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