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10. Hothouse Mfg. is considering a rights offer. The company has determined that the ex-rights price will be $61. The current price is $65 per

10. Hothouse Mfg. is considering a rights offer. The company has determined that the ex-rights price will be $61. The current price is $65 per share, and there are 11 million shares outstanding. The rights offer would raise a total of $64 million. What is the subscription price?

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