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A firm has 500,000 shares outstanding with a market price per share of $20.625. Each share is entitled to one right. The firm sets rights

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A firm has 500,000 shares outstanding with a market price per share of $20.625. Each share is entitled to one right. The firm sets rights offer as 16 rights plus $10 of subscription price for each new share. What will be the ex-rights price per share? (Do not round intermediate calculations. Round only the final dollar denominated answer to two decimal places. Your answer must be entered without the dollar symbol (\$))

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