MacKenzie Corporation currently has $12$ million shares of stock outstanding at a price of $$38$ per

share. The company would like to raise money and has announced a rights issue. Every existing

shareholder will be sent two rights per share of stock that he or she owns. The company plans to

require ten rights to purchase one share at a price of $$38$ per share. How much money will it raise

if all rights are exercised?

The company will be able to raise $ million. $($Round to one decimal place.$)$