ABC Co, when it was trading at $33, made a 4-for-9 renounceable rights issue offer of $33.19 to their existing shareholders. The firms current ordinary share price is $35.82.

What is the value of the right?

Give your final answer as dollars rounded to the nearest cent. For example, for "$123.4567" you would input "123.46" (without the quotation marks). Do not round any of the intermediate steps of your calculation. Only round your final answer.