Nemesis, Inc., has 165,000 shares of stock outstanding. Each share is worth $77, so the companys market value of equity is $12,705,000. Suppose the firm issues 30,000 new shares at the following prices: $77, $73, and $65.

What will be the ex-rights price and the effect of each of these alternative offering prices on the existing price per share? (Leave no cells blank; if there is no effect select "No change" from the dropdown and enter "0". Round your answers to 2 decimal places, e.g., 32.16.)

a.77$

b.73$

c.65$