Keira Mfg. is considering a rights offer. The company has determined that the ex-rights price would be $60. The current price is $68.80 per share and there are 4 million shares outstanding. The rights offer would raise a total of $12,800,000.

a) How many rights are required to get a new share? Round your answer to the nearest integer.

b) Given that 5 rights are needed to get a new share, what is the subscription price (the price for a new share)?Round your answerto 2 decimal places.

c) What is the value of a right? Round your answer to 2 decimal places.