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ABC Inc. has 10,000 shares outstanding at $37.7 each. They expect to raise $178,932 by a rights offering with a subscription price of $22.9. What

ABC Inc. has 10,000 shares outstanding at $37.7 each. They expect to raise $178,932 by a rights offering with a subscription price of $22.9. What is the ex-right price of the stock?

Keep at least 4 decimal places for all calculations.

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