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Lufuego Corporation has issued rights to its shareholders. The stock is selling for $30 rights-on and has a subscription price of $24. Two rights plus

Lufuego Corporation has issued rights to its shareholders. The stock is selling for $30 rights-on and has a subscription price of $24. Two rights plus the subscription price are needed to buy one of the new shares. If the stock goes ex-rights what would the new share price be?

Select one:

a. $27.00

b. $28.00

c. $30.00

d. $24.00

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