Mingyu Bhd has announced a rights offer to raise $834,000. The company's stock currently sells for $28.10 per share, there are 160,000 shares outstanding, and one right will be granted for each outstanding share. The subscription price is set at $20.85 per share. What is the ex-rights price per share?

a. $22.30

b. $28.10

c. $26.65

d. $22.48