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A company wishes to raise $1.5 million through a rights offering. The subscription price for each share is $15. The company currently has 500,000 shares

A company wishes to raise $1.5 million through a rights offering. The subscription price for each share is $15. The company currently has 500,000 shares outstanding, each selling at a current price of $30. If a shareholder has 1,000 shares, how many new shares can he subscribe for?

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