Problem 20-14 Rights Valley Corp.'s stock is currently selling at $31 per share. There are 1 million shares outstanding. The firm is planning to raise $2 million to finance a new project. What are the ex-rights stock price, the value of a right, and the appropriate subscription prices under the following scenarios? a. Two shares of outstanding stock are entitled to purchase one additional share of the new issue. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) $ Ex-rights stock price Value of a right Appropriate subscription price $ $ b. Four shares of outstanding stock are entitled to purchase one additional share of the new issue. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) $ Ex-rights stock price Value of a right Appropriate subscription price $ $ C. Assume an investor holds 4 shares of stock. What is her portfolio value under each rights offer? (Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32.) Two shares are required to purchase one additional share. New portfolio value Four shares are required to purchase one additional share. New portfolio value $ References eBook & Resources