Johnny Rocco owns 700 shares of stock of East-West Tobacco Company, which is offering a rights issue to its existing shareholders. To buy one new share of stock, Johnny will need four rights plus $60 (consider this the subscription price). Rights-on market price of the stock is $72.

Enter value of the right to 2 decimals (x.xx)

a. Calculate the value of a right.	$
b. What is the maximum number of new shares Johnny can buy?