B. Luther Industries currently has 100 million outstanding shares at a price of $25 per share. The company wants to raise money and has announced a rights issue. Every existing shareholder will be sent one right per share of stock that he or she owns. The company plans to require 20 rights to purchase one share at a price of $20 per share.

(i) How much money will the company raise?

(ii) What will the share price be after the rights issue?

(iii) Assume that the company aims to raise an exact amount of $150 million through this rights issue and it is willing to offer the existing shareholders to purchase one new share at $15 per share. How many rights should the company require to purchase one new share at this $15 per share?