30. A company has 2 million outstanding issued shares that are valued at the current market price of $20 per share. To fund its planned expansion, the firm intends to raise $10 million worth of new shares by a rights offering. Suppose the subscription price is $5 per share, what is the value of the right?

a. $5

b. $20

c. $7.5

d. $15

e. None of these.