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20. Mackenzie Corporation currently has 10 million shares of stock outstanding at a price of $40 per share. The company would like to raise money

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20. Mackenzie Corporation currently has 10 million shares of stock outstanding at a price of $40 per share. The company would like to raise money and has announced a rights issue. Every existing shareholder will be sent one right per share of stock that he or she owns. The company plans to require 10 rights to purchase one share at a price of $40 per share. How much money will it raise if all rights are exercised

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