Mitsi Inventory Systems, Inc., has announced a rights offer. The company has announced that it will take three rights to buy a new share in the offering at a subscription price of $47. At the close of business the day before the ex-rights day, the companys stock sells for $70 per share. The next morning, you notice that the stock sells for $60 per share and the rights sell for $3 each.

What is the value of the stock ex-rights? (Do not round intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).)

What is the value of one right? Calculate your answer based on the actual ex-rights price. (Do not round intermediate calculations.)

What is the amount of instant profit you can make on ex-rights day per share?