P20-14. Selling Rights Wuttke Corp. wants to raise $4,265,000 via a rights offering. The company currently has 890,000 shares of common stock outstanding that sell for $59 per share. Its underwriter has set a subscription price of $39 per share and will charge Wuttke a 5 percent spread. If you currently own 9,000 shares of stock in the company and decide not to participate in the rights offering, how much money can you get by selling your rights? (Do not round intermediate calculations. Round the answer to 2 decimal places.) Proceeds from selling rights