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AEP Corp currently has 11000000 shares outstanding. The market price is $24/sh. AEP decides to raise additional funds via a 1 for 11 rights offer

AEP Corp currently has 11000000 shares outstanding. The market price is $24/sh. AEP decides to raise additional funds via a 1 for 11 rights offer at $22 per share. If we assume 100% subscription, what is the value of each right? Input your answer to two decimal point of accuracy, DO NOT include the dollar sign.

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