Prahm Corp. wants to raise $5.5 million via a rights offering. The company currently has 610,000 shares of common stock outstanding that sell for $56 per share. Its underwriter has set a subscription price of $25 per share and will charge the company a spread of 6 percent. If you currently own 4,000 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 and round your answer to 2 decimal places, e.g., 32.16.)

X Answer is complete but not entirely correct. Your proceeds from sale of rights $ 34,383.67 X