In 2010, Pandora, Inc., makes a rights issue at a subscription price of $6 a share. One new share can be purchased for every four shares held. Before the issue there were 10 million shares outstanding, and the share price was $9.5.

a.What is the total amount of new money raised?(Round your answer to 2 decimal places.)Total amount of money raised$million

b.What is the expected stock price after the rights are issued?(Round your answer to the nearest cent.)Expected stock price per share$