Four years ago, Quantum Computer Services issued convertible preferred stock with a par value of $60 and a stated dividend of 5 percent. Each share of preferred stock can be converted to three shares of common stock at the option of the investor. When issued, the preferred stock was sold at par value such that Quantum raised $3.6 million to fund expansion for its operations. If all investors convert their preferred stock to common stock, how many new shares of common stock will Quantum have outstanding?

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