A company has announced a rights offer that will take five rights to purchase a new share. The subscription price is $30. The company's stock price is $48 before the ex-rights day. On the exrights day, the stock sells for $45 per share. The rights sell for $2.1 each. Assume that the only factor that affect share price is the rights offering. a) Is the stock correctly priced on the ex-rights day? What should be the value of ex-rights price per share? b) What should be the value of a right? Are the rights correctly price on the ex-rights day? c) Show how you could create an immediate profit