Q4. Apple Pty Ltd needs $1.1 billion of new equity. Market price is $40.00 per share. Apple Pty Ltd decides to raise additional funds by offering the right to buy 4 new shares for each 36 shares held at $25.00 per share. Assuming there is 100% subscription, what is the value of each right (3 Marks for correct workings, 2 marks for correct answer to equal a total of 5 Marks)?