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Beta Co wants to raise $80 million for a real estate development project. Betas shares are listed on the stock exchange and are trading at

Beta Co wants to raise $80 million for a real estate development project. Beta’s shares are listed on the stock exchange and are trading at $15 per share. Beta has 50 million shares outstanding. Beta makes a 1-for-5 rights issue with a subscription price of $8 per share. 

What is the estimated value of this right? (Round the final answer to the nearest two digits.)


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