$($b$)$ XEC Corporation currently has $4$ million shares outstanding. The stock sells for RM$35$ per share. The company wants to raise RM$20$ million to finance a new project, the firm is considering a rights offering at RM$25$ per share.

Calculate the following:

$($i$)$ Number of shares to issued

$(2$ marks$)$

$($ii$)$ Number of rights needed to purchase one share

$(2$ marks$)$

$($iii$)$ Value of the right

$(6$ marks$)$