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P&Twants to raise $2.8 million through a rights offering with a subscription price of $20 a share. Currently, the company has 750,000 shares of stock

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P&Twants to raise $2.8 million through a rights offering with a subscription price of $20 a share. Currently, the company has 750,000 shares of stock outstanding at a market price of 824.50 a share. One right will be granted for each share of stock outstanding. How many rights are required to purchase one new share of stock in this offering

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