Barstow Industrial Supply has decided to raise $27.52 million in additional funding via a rights offering. The firm will issue one right for each share of stock outstanding. The offering consists of a total of 860,000 new shares. The current market price of the stock is $38. Currently, there are 5.16 million shares outstanding.

What is the value of one right? A. $0.97 B. $0.86 C. $0.48 D. $0.52 E. $0.60