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ABC Co. currently has 1 million shares outstanding and no debt. ABC wants to raise $8 million via a rights offer. Each existing shareholder is

ABC Co. currently has 1 million shares outstanding and no debt. ABC wants to raise $8 million via a rights offer. Each existing shareholder is sent 2 rights for every share that she owns. Under this rights offer, shareholders require X rights to purchase 1 new share at $4 each. What Is X?

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