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3. Company XYZ currently has 5,000,000 shares outstanding with a price of $11.38 per share. Now the company is offering rights for its current shareholders

3. Company XYZ currently has 5,000,000 shares outstanding with a price of $11.38 per share. Now the company is offering rights for its current shareholders to buy another 500,000 shares for $9.80 per share. What is the value of one right? [10 points

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