In a recently announced rights offer, Splurge Limited (SPL Ltd) made an offer to its existing shareholders to subscribe for one new ordinary share at $34 for every four shares already held. Just before the rights offer announcement, SPL Ltd traded at $48 per ordinary share.

What is the theoretical value of one right?
What is the value of the right per each ordinary share held by an existing shareholder?
Shareholder Ms Alice Sleuth owns 100 ordinary shares in SPL Ltd before the rights offer. Ms Sleuth intends to participate in this offer and will subscribe for all shares she is entitled to. What is the total amount Ms Sleuth will need to pay for the new ordinary shares she intends to buy via the rights offer?