A company with 5,000,000 shares outstanding that sell for $80 each has announced a rights offer to raise $8,000,000. If it will take 5 rights to buy 1 share at the subscription price of $65 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.