Cootes Paradise, Inc. is seeking to raise $900,000 through a rights offering. Four rights will be required to purchase each new share of stock. Currently, there are 850,000 shares outstanding at a market price of $10 per share. What is the ex-rights price?

a) $7.37 b) $8.85 c) $9.27 d) $10.00 e)$11.15