Lockheed Corporation Inc, wishes raise further capital to invest in the production of a new product to their already existing line of industrial spare parts. Lockheed has 5 million shares outstanding currently. The management has determined a rights issue of one-for-ten to its existing shareholders. The company gives an offer price of $7 for each rights share and the market price of the share is $8.5. Assuming the rights shares were fully subscribed by its shareholders, what is the value of a right for the shareholder