A companys stock currently sells for $71 per share. Last week the firm announced a rights offering to raise new equity capital. To purchase a new share, a stockholder must remit $20 and 4 rights.

a.	What is the ex-rights stock price? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

Stock price

$

b.	What is the price of one right? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

Value of right

$