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Firm R is taking on a $35,000,000 project by raising a right offer. There is currently 12,000,000 shares outstanding at $23 per share. Ex-rights price

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Firm R is taking on a $35,000,000 project by raising a right offer. There is currently 12,000,000 shares outstanding at $23 per share. Ex-rights price is $20 per share. What is the subscription price? $6.6$9.9$7.7$8.8$5.5

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