An Australian company, OzCPY has made a renounceable rights issue offer to their existing shareholders. The share price when announcing the rights was $26.86 and the firms current ordinary share price is $27.86 and the 3-for-8 pro-rata issue has an offer price of $25.6.

What is the theoretical ex-rights share price of the firm?

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).