3 The Clifford Corporation has announced a nights offer to raise $30 milion for a new journal, the Journal of Financial Excess. This Journal will review potential articles after the author pays a nonrefundable reviewing fee of $3,000 per page. The stock currently sells for $40 per share, and there are 3.6 million shares outstanding. a. What is the maximum possible subscription price? What is the minimum? (Do not round Intermediate calculations. Leave no cells blank - be certain to enter "0" wherever required.) Dints The maximum possible subscription price is The minimum price is anything greater than eBook Hint b. If the subscription price is set at $32 per share, how many shares must be sold? How many rights will it take to buy one share? (Do not round Intermediate calculations. Round your rights needed answer to 2 decimal places, e.g., 32.16.) Print Number of new shares Number of rights needed shares rights Ferences c. What is the ex-rights price? What is the value of a right? (Do not round Intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) $ Ex-rights price Value of a right $ d. A shareho with 2.000 shares before the offering has no desire (or money) to buy additional shares offered as rights. What is his portfolio value before and after the rights offer? (Do not round Intermediate calculations.) Portfolio value before rights Portfolio value after rights $