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Brown Mines needs $1.2 billion of new equity. Market price is $25. Brown Mines decides to raise additional funds by offering the right to buy

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Brown Mines needs $1.2 billion of new equity. Market price is $25. Brown Mines decides to raise additional funds by offering the right to buy 4 new shares for 16 at $12 per share. With 100% subscription, what is value of each right? O $8 O $9.6 O $16 O $10.4

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