Delovely Productions Limited wants to raise $30 million for shows. A rights offering will be used to raise the necessary capital from existing shareholders. Each of the four million shareholders will receive one right. The subscription price is $15 per share, and the market price of the existing shares is currently $18.

Calculate the value of a right at the present time. (Do not round intermediate calculations. Round the final answer to 2 decimal places.)

Right value $