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2. A company is proposing a rights offering. It has 100,000 shares outstanding trading at $20 each. There will be 10,000 new shares issued at

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2. A company is proposing a rights offering. It has 100,000 shares outstanding trading at $20 each. There will be 10,000 new shares issued at a $15 subscription price. What is the ex-right price after issuance? What is the value of a right? (4 points)

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