A Victoria firm has 800,000 shares outstanding at a market price of $120 a share. It wants to raise $10 million via a rights offering. The subscription price is $100 per share. How many rights are required to purchase one of the new shares?

A Victoria firm has 800,000 shares outstanding at a market price of $120 a share. It wants to raise $10 million via a rights offering. The subscription price is $100 per share. How many rights are required to purchase one of the new shares? a. 1.2 b. 0.1 c 20 d. 8.0 e. 4.8