A company currently has 138k shares outstanding, selling at $57 per share. The firm intends to raise $553k through a rights offering. Management suggests that a discount cannot fall below 12% as outlined in the previous issue, to which existing shareholders did not respond with much enthusiasm. They believe that a 36% discount offer is more appropriate. Also, the CEO is rejecting calls for raising capital through debt or preferred stock. Net earnings after taxes (EAT) are $572k. Furthermore, a recent corruption scandal involving a number of senior figures in the firm has come to light in the press; soon after the rights offering was announced in other words, it was already too late. Among the immediate consequences were a fall in stock price by 23.27% and increased capital requirements by 46%.

Required: In percentage terms, determine by how much did the dollar value of one right change before and after the consequences described above, together with the 36% discount offer which was simultaneously taking place.

Answer% Do not round intermediate calculations. Input your answer as a percent rounded to 2 decimal places (for example: 28.31%).

Note: The term k is used to represent thousands ( $1,000).