Kiser Mfg$.$ is considering a rights offer. The company has determined that the ex$-$rights

price will be $$78.$ The current price is $$100$ per share, and there are $25$ million shares

outstanding. The rights offer would raise a total of $$50$ million. What is the subscription

price? $($Do not round intermediate calculations and round your answer to $2$ decimal

places, e$.$g$.,32\mathrm{.}16.)$

Subscription price