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An investor does not have the cash to buy shares in a 5 for 1 rights issue. The theoretical value of the share ex-rights is

An investor does not have the cash to buy shares in a 5 for 1 rights issue. The theoretical value of the share ex-rights is 3.20, and the subscription price is 3. What is the value of a right on one share? a. 15p b. 4p c. 100p d. 20p

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