Mаren received 11 NQOs (eаch оptiоn gives her the right tо purchаse 7 shares of stock for $9 per share) at the time she started working, when the stock price was $7 per share. When the share price was $16 per share, she exercised all of her options. Eighteen months later, she sold all of the shares for $23 per share. How much gain will Maren recognize on the sale of the shares, and how much tax will she pay, assuming her marginal tax rate is 37 percent?