A company with 4,000,000 shares outstanding that sell for $70 each has announced a rights offer to raise $7,000,000. If it will take 4 rights to buy 1 share at the subscription price of $55 via the rights offering, what is the value of 1 right? Do not round intermediate calculations. Round the final answer to 2 decimal places. Omit any commas and the $ sign in your response. For example, an answer of $1,000.50 should be entered as 1000.50. Numeric Response The use of personal borrowing or lending to achieve the degree of financial leverage to which an investor wishes to be exposed is called Multiple Choice Homemade dividends Arbitrage Collateralization Securitization Homemade leverage