Cye, Inc., has 213,000 shares of stock outstanding. Each share is worth $98, so the companys market value of equity is $20,874,000. Suppose the firm issues 35,000 new shares at the following prices: $98, $95, and $90.

What will be the ex-rights price and the effect of each of these alternative offering prices on the existing price per share? (Leave no cells blank; if there is no effect select "No change" from the dropdown and enter "0". Round your answers to 2 decimal places, e.g., 32.16.)

		Price Ex-Rights	Effect	Amount
a.	$98	$	(Click to select)No changePrice raises byPrice drops by	$	per share
b.	$95	$	(Click to select)Price drops byPrice raises byNo change	$	per share
c.	$90	$	(Click to select)No changePrice drops byPrice raises by	$	per share