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A stock has a rights-on price of $20, an ex-rights price of $18.25, and the number of rights needed to buy one new share is

A stock has a rights-on price of $20, an ex-rights price of $18.25, and the number of rights needed to buy one new share is 5. Assuming everything else is held constant, what is the subscription price?

$9.50

$21.90

$14.50

$16.67

$11.25

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