P Ltd plans to issue 35 million rights shares. Currently the market value is $35 million for the company's outstanding shares, which are trading at $0.50 per share. Subscription price of the rights is $0.35. Find the 'ex-rights value of the company'. (select the answer that is closest to the correct answer).

Group of answer choices

$105 million

$170 million

$29.75 million

$47.25 million