Cheung Corporation's stock is currently selling at $47 per share. There are 1 million shares outstanding. The firm is planning to raise $2 million to finance a new project. What are the ex-rights stock price, the value of a right, and the appropriate subscription price under the following scenarios?

a.	Two shares of outstanding stock are entitled to purchase one additional share of the new issue. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)
b.	Four shares of outstanding stock are entitled to purchase one additional share of the new issue. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)
c-1.	Assume an investor holds four shares of stock. What is her portfolio value under each rights offer if two shares are required to purchase one additional share? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.)
c-2.	Assume an investor holds four shares of stock. What is her portfolio value under each rights offer if four shares are required to purchase one additional share? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.)