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Excel Company has 65,000 shares outstanding at $30 each. The company expects to raise $1,000,000 via a rights offering at a subscription price of $40.

Excel Company has 65,000 shares outstanding at $30 each. The company expects to raise $1,000,000 via a rights offering at a subscription price of $40. How many rights are required for each new share?

1.80

2.00

2.20

2.40

2.60

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