Problem 20-17 Selling Rights

Wuttke Corp. wants to raise $4.8 million via a rights offering. The company currently has 580,000 shares of common stock outstanding that sell for $85 per share. Its underwriter has set a subscription price of $40 per share and will charge the company a spread of 6 percent.

If you currently own 2,500 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.)

Sale proceeds=?$